Anyone have experience in the Secondary Insurance Market?

December 09, 2024

by a searcher from University of Texas at Austin in Austin, TX, USA

I'm trying to get new GL insurance for our business to satisfy a client's requirements but have been having trouble. Effectively, we need to access the secondary insurance marketplace in order to get the needed coverage but we haven't been able to get a quote after ~10 days.

Time is of the essence so I pulled in another commercial agency, but it seems like the overlap is slowing them down.

Does anyone have a broker/agent they can recommend that can turn around specialized policies quickly?

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Reply by a searcher
from Sam Houston State University in Houston, TX, USA

There are definite times that going to multi brokers is in your favor. But other times it can work against you as the client. When a broker goes to the wholesale market to obtain terms there are a handful of wholesalers out there. If there are 5 retail agents accessing the same wholesale brokers, they will view it as you shopping the whole market and they will not give you the best terms or pricing. Additionally, when we send in a quote to a wholesaler who accesses Scottsdale for example they will block any other agent from obtaining a quote from that specific company for a period of###-###-#### days. Your best bet is to find a really good broker and have them take it to all of their markets. Hope this helps, let me know if you would like to discuss further.

Reply by a searcher
from University of Maryland in 4040 Civic Center Dr, San Rafael, CA 94903, USA

Hi! we went through a very rigorous placement of our insurance policies this year due to a mix of factors BUT we had to use the secondary market as a short term backstop until we could get a replacement policy that was more reasonable. My understanding is the secondary market is going to be very expensive (almost to the point that its not sustainable generally speaking), happy to chat through how we approached the placement but net we worked through 5 different brokers, directing traffic / managing them each to ensure they are not all going out to the same markets, kept each of them in their swim lane

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