WEST CONSOHOCKEN, PA — In an industry-first move, LIO Specialty Insurance Company has rolled out a cutting-edge online portal, poised to dramatically streamline the insurance process for wholesale brokers. This game-changing platform allows brokers to quote, bind, and issue policies in mere minutes, marking a significant departure from traditional methods.
LIO Specialty’s proprietary technology is designed to slash administrative time and costs, placing the company at the vanguard of the Excess and Surplus Lines marketplace. The move comes amid growing demand for digital solutions in the insurance sector, with brokers increasingly seeking efficient ways to serve their clients.
The Pennsylvania-based firm is also making waves with its introduction of a targeted casualty product specifically tailored for the burgeoning cannabis and nutraceutical sectors. For the cannabis industry, coverage starts at a minimum premium of $2,500 and extends to a broad spectrum of businesses, including cultivators, manufacturers, dispensaries, retail stores, distribution, and delivery services. The nutraceutical industry isn’t left out either, with a tailored coverage starting at a minimum premium of $2,000.
LIO Specialty’s comprehensive coverage utilizes a proprietary form that offers Products/Completed Operations coverage on a Claims-Made basis and Premises/Operations coverage on an Occurrence basis. Clients can also select from various other coverage forms to suit their specific needs.
The new offerings don’t stop there, as clients can also benefit from an array of coverage enhancements. These include Security Breach Expense Reimbursement, Employee Benefits Liability, Hired and Non-Owned Auto Liability, Stop Gap Employers Liability, Worldwide Coverage, Primary and Non-Contributory AIs, Waiver of Subrogation, and Limited Product Withdrawal Expense.
This launch by LIO Specialty signals a quantum leap forward in insurance processing, promising to deliver unprecedented efficiency and convenience to wholesale brokers. As the insurance industry continues to digitize, LIO Specialty’s state-of-the-art portal is likely to set a new standard in how brokers interact with insurance providers.
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