Our feature today is on our storefront, ICC offers agents and brokers access to several competitive markets for full-service restaurants, fine and casual dining, and better-than-average quick-service risks. ICC's primary market is with NOVA Casualty Company, which is part of the Hanover Group, offering a comprehensive package policy with broad enhancement forms for these classes of businesses. The program is available on a national basis and written on admitted paper rated "A XIV" by A.M. Best. Brokers and agents, referred to as distribution partners by ICC, are appointed based on a process similar to that undertaken by a carrier.
"We look for partners with expertise in the space," explained Dean, "and base our decision on that and the agency's volume commitment of good, profitable restaurant business that fits within our niche and their territory. Our distribution model is based on limited appointments geographically, as we are looking for true partners to work hand-in-hand with us to place their existing business, and interested in leveraging access to the excellent program and support services we offer to write new business and expand their footprint."
In addition to ICC's customized insurance program, their expertise extends to restaurant-specific risk management services provided to their agency partners. These services, provided through a proprietary Risk Tool Box, help ICC's partners differentiate themselves in the marketplace. With ICC, agencies can offer a comprehensive body of products and services to their insureds to help streamline business processes, improve communication system-wide, and implement safety programs that assist in mitigating risks in all areas of operations. "We have the expertise to help agents analyze complex risks and show an account that what is being provided is much more effective than what a traditional broker would offer. Our Risk Tool Box includes a robust on-line library of safety training videos, policy and procedure guidelines, food safety manual, and inspection checklists to improve guest and worker safety," said Dean. "We also have expedited claims reporting, notification and submission to carriers, and a totally automated Certificate Tracking Program, "Cert Tracking".
"We provide the Risk Tool Box to our VIP agents. Some will receive the tools by virtue of the business they write with us, while others will pay certain fees for customization."
In addition to the package policy, ICC can also provide other coverage lines on a wholesale basis, including Excess/Umbrella, EPLI, Cyber Liability and Workers' Compensation.
ICC writes restaurant exposures whether they are stand-alone entities or located in a hotel, strip mall or at an airport. "From time to time, we will write other incidental exposures as well", said Dean. "For example, we write some bed and breakfast operations in Pennsylvania but the non-restaurant exposures are incidental." ICC also has markets for bars, taverns and clubs through their wholesale operation. "If a specific risk doesn't fit into our NOVA program through our MGA, we can access our Excess & Surplus Lines markets," explained Dean.
When asked about how the restaurant class of business has been affected during the last several years, Dean explained that those carriers that have not been underwriting the class properly are now either looking for unfair rate increases or to leave the space entirely because of unprofitability. "Because our focus is on this niche, we do it well and are in a good place with our rates, the risks we write and the risk management services we provide. This allows us to continue to be competitive."
In addition, when discussing certain emerging risks, the issue of cyber naturally comes up. "Cyber is an emerging challenge for restaurateurs," said Dean. "But at this point, most don't realize the extent of their exposures. Cyber is at the point EPLI was 20 years ago. It has to be thoroughly explained with examples of where the exposures lie so that the owner truly understands them and his or her vulnerability. Once they understand, it will be a coverage that will explode. We have the ability to offer a good Cyber product and can assist our agency partners in explaining the coverage to clients."
When looking at the many benefits of partnering with ICC, it all comes down to the fact that, as an agent, you are working with people who are restaurant experts. "We make it easier for our distribution partners to do their jobs and place business," said Dean. "We have the ability to provide indications quickly and effectively with the basic information that's provided to us.
"Ultimately every agent wants a marketplace where you get quick responses with competitive products and fair terms, and the ability to work with people who have the expertise. That is exactly what ICC represents. We don't have to be convinced to write a restaurant or a certain risk. We know what we do and don't want to write. If it fits our fairly broad appetite within this industry, we're going to be a great marketplace."
For more information on becoming an ICC distribution partner, please contact Loretta Fischer at 866-577-7007 or at lorettaf@innocov.com.