It will be distributed to brokers by delegated authority
Hiscox has announced that it has teamed up with Stride Insurance Group (Stride) to launch a bespoke policy for commercial and residential property owners.
It will give brokers the opportunity to place their property owners risks with Hiscox.
It targets mid-market residential and retail property portfolios and is the first collaboration in a developing partnership.
The insurer is underwriting a new property owners insurance policy for Stride which will be distributed exclusively by the wholesale insurance provider to brokers by delegated authority.
And the policy is jointly developed by both firms.
Hiscox said that it made the decision to partner with Stride based on its knowledge within the property space.
New ideas
Samantha Newman, regional manager for Maidenhead at Hiscox UK and Ireland said: “We feel there is scope for a new insurer in this space and Stride’s experience and reputation in this sector made them the natural choice of partner. The team at Hiscox are already working on new ideas to further develop this scheme with Stride.”
Stride broking manager, Alan Plaiter, had “significant input” in the policy’s development, he explained: “We wanted the policy wording to be as clear, jargon-free and brief as possible.”
Plaiter gave the example of clarifying the property damage section by focusing on the exclusions rather than insured perils,
“The wording simply states what is not covered and includes everything else, saving several pages of terms to wade through,” he added.
Future
Stride commercial manager, Claire Harris added: “Together we have developed a competitive product that should have real cut-through in the market, available exclusively through Stride.
“For the first time, brokers will be able to offer the strength of the Hiscox brand and claims service to their portfolio-owning clients.”
Harris added that Stride have “further plans to collaborate in the future.”
Established in 1973, Stride is an independent specialist provider of property owners’ insurance to brokers.
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