Oak Ridge, TN, February 10, 2017 --(PR.com
)-- Reliance Risk Solutions (RRS), the high net worth personal insurance division of Appalachian Underwriters, has developed an industry-exclusive program called Xpress Autoguard. Xpress Autoguard addresses a significant coverage gap for many personal and commercial automobile policies with regard to physical damage loss settlement. RRS has partnered with Lloyd’s to create a form that wraps around an underlying automobile policy to afford Agreed Value loss settlement in the event an underlying automobile insurance carrier declares a vehicle a “total loss.”
Xpress Autoguard was designed for insureds who:
· Cannot obtain agreed value cover in their state due to DOI restrictions
· Find it more cost effective to place their auto insurance with a company who cannot offer agreed value cover
· Had agreed value cover with an insurance company but are no longer eligible due to underwriting appetite changes
“Prior to Xpress Autoguard, there were no streamlined solutions to bridge the coverage gap if an insured elected to go with a traditional middle market insurance policy. Clients are too often forced into niche carriers that offer agreed value cover with very restricted terms and conditions or are charged exorbitant rates to offer the loss settlement provision on a traditional personal automobile policy,” said Paul Kountz, Director of RRS.
Bob Arowood, President of AUI, shared his thoughts on the new offering:
“As the RRS team continued to build out their portfolio of products for 2016, they saw an underserved segment of the personal lines market – specialty automobile exposures. Our partnership with Lloyd’s has been invaluable on the Homeowners line, and we are excited that they have supported Xpress Autoguard.”
Appalachian Underwriters, Inc. is a full-service MGA and Wholesale Insurance Brokerage, providing independent agents a national outlet to multiple specialized markets for Workers’ Compensation, Commercial Specialty, and Personal Lines of insurance. Principals of Appalachian Underwriters are Bill Arowood and Bob Arowood. To learn more about Appalachian Underwriters, Inc., please visit www.appund.com.