Specialty insurer Ironshore Inc. has established a dedicated Private Client Group to introduce its new high-value homeowners insurance, the Ironshore Private Insurance Portfolio.
The new personal lines policy will be available for high-net-worth homeowners with properties valued in excess of $1 million, Ironshore said in a statement. Policy features include full home replacement cost, modified limits for other structures, contents and loss of use, cost-saving deductible options, as well as package discounts and credits for superior risks. A separate valuable articles policy offers scheduled or blanket coverage for jewelry, fine arts and other belongings with no deductible.
Ironshore’s Private Insurance Portfolio includes comprehensive liability coverage up to $1 million in the homeowners policy and up to $10 million in worldwide coverage under the personal umbrella option. Watercraft and yacht coverage with limits up to $10 million will also be available.
Pennsylvania and Georgia will be the first states approved for new business effective March and April 2016, respectively, followed by New Jersey, Connecticut, New York, Massachusetts, Rhode Island, Maryland, Virginia and Washington, D.C., subject to regulatory approvals. Ironshore said it will ultimately expand the product nationally.