Digital billboard insurance is getting extremely hard to find in coastal and hurricane areas. Matt Schulze has formed a group to evaluate the feasibility of creating an entity to help out of home companies self insure their digital billboards. This memo describes the project and the info the group is seeking.
April 10, 2024
Subject: Request for Insurance Due Diligence Information
As has been well documented in the past few years, the property and casualty insurance market has experienced. significant hardening. This has resulted in increased premiums, restricted coverage terms, and fewer options available to policy holders. Primary casualty insurers continue to seek rate increases on liability lines overall for the 25th consecutive quarter to keep up with loss trends.
Middle market insurance consumers have been dealt much of the burden of these rising costs as their methods of finding alternative solutions are minimal compared to larger companies. The billboard industry is no exception to the trends in the marketplace as insurers have sought rate increases on property and liability for several years now.
A group of concerned industry operators has formed an exploratory committee to evaluate other options that may provide a more stable, long-term solution for operators who have invested in their risk management but have not seen the rewards. To evaluate these potential solutions, the committee needs data to perform an analysis.
You have been identified as one of the leaders in the industry who may benefit from an alternative to the current insurance market. If open to exploring the opportunity, please provide the following items:
- Copies of current polices for Property and General Liability.
- Schedule of values
- Minimum of 5 years loss history
To preserve anonymity, this information can be sent directly to Joey Maxwell at Sterling Seacrest Pritchard (jmaxwell@sspins.com). The SSP team has offered up their services in assisting the committee in collecting and organizing the initial set of data.
If you have any questions, please don’t hesitate to reach out to Matt Schulze (706.473.3250) or Ron Collins (advisor to Matt Schulze) (404.550-0573).
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