Large Commercial Accounts
Having trouble finding a home for large commercial accounts?
Looking for a more comprehensive and competitive BOP offering for your larger risks?
Quincy Mutual is happy to offer a solution to your large commercial needs. We have found success with large accounts in a wide range of class codes for apartments and condominiums, mercantile classes like salons and barber shops, as well as offices, and more! Mixed occupancy buildings and multiple classes across locations are eligible. We can entertain a total insurable value of up to $30 million at a single location and can consider higher TIV’s depending on the geographic spread of risk.
Below are some of our coverage highlights that allow you to provide the most comprehensive policy for your client. In addition, our Presidential Enhancement is available in 3 different bucket limits and will tailor to the class code of your locations, providing additional protection for those coverages that the class code needs most.
Feel free to reach out to your underwriter if you want to learn more about our offerings or have any questions about coverages. We are happy to assist in quoting any new business you have.
*Coverage may not be available depending on the location’s state. Contact your underwriter for more information.
Lithium Ion Batteries
There are growing concerns with the fires linked to consumer products powered by lithium-ion batteries. These fires are causing significant property damage, leading to injuries and even death. Many popular consumer items are powered with lithium-ion batteries ranging from electric cars, bikes or scooters to the numerous phone and computer devices we use on a daily basis. When lithium-ion batteries are damaged or overcharged they will overheat, catch fire and can explode.
Another cause for concern is after-market batteries that may be poorly designed or lack the safeguards of the original manufacturer battery. New York recently introduced legislation to regulate batteries in an effort to prevent fires sparked by lithium-ion batteries. Fires caused by these batteries can be difficult to extinguish and the chemical reactions can reignite the fire at a later time.
If a fire does occur, people should evacuate to a safe area and call 911 so that proper fire fighting apparatus is used to extinguish the fire. Many governmental and safety organizations suggest consumers follow manufacturer instructions for the specific product and are also warning consumers to take extra care when using or charging electrical items powered by such batteries and not leave them unattended and unplugging the device if there is excessive heat.
Quincy Mutual Charitable Giving
Quincy Mutual continues to give back to the community. Our Charitable Giving Volunteer committee hosted a Diaper Drive in February. Diapers and related items were collected from employees. All items were donated to DOVE: Domestic Violence Ended. Their mission is to end domestic and partner violence by providing a range of advocacy and support series.
Next up, the Charitable Giving Volunteer committee will be hosting an event for Happy Hope Factory, where volunteers will assemble activity packs for children who are hospitalized. The packs will be sent to two Boston hospitals. This event will be coming up this spring.
Update from Claims
After a relatively moderate 2022, the year ended with a windstorm, resulting in an influx of claim volume. A severe cold front originating in the Rocky Mountain range worked its way across the United States, eventually bringing heavy rains, power outages and wind to New England on December 23rd. ISO later categorized this as a multi-state catastrophe affecting 38 states and estimated the industry impact to be $3.5 billion. With solid preparations in place, the claims team was able to quickly close 70% of the volume over the span of just a few weeks.
A little over a month later, a severe deep freeze descended into New England, bringing windy arctic air with wind chills reaching negative fifty degrees in some areas. Although the event moved out of our area rather quickly, it left a deluge of frozen pipe burst claims in its wake.
Quincy Mutual prepared proactively by getting ahead of claim setups that weekend, aligning resources to respond to our policyholders and streamlining adjustment guidelines to help manage the claim volume. With an event like this, the severity is much worse than a typical wind event bringing down trees or causing power outages. When a pipe freezes and bursts, the thawed water escapes until shut off. Often these pipes are in hard to reach areas, or are in seldom visited areas of the home or business which increases the loss severity.
As carriers across New England struggle with the influx, Quincy Mutual was prepared with a plan and quickly executed to help our insureds quickly recover.