Monarch Sky Launch Session

 

First Connect-Monarch Sky Partnership

McKenzie announced a new partnership between First Connect and Monarch Sky, explaining that existing NuSureCo appointees will automatically gain access with no additional steps required. She demonstrated how new users can request access through the First Connect portal by searching for Monarch Sky and clicking "request access." The meeting included technical difficulties with screen sharing as Cody was about to present information about Monarch Sky's Smart Flip program and its benefits for supporting clients and growing business.

 

SmartFlip Insurance Program Presentation

Cody presented Monarch Sky's new SmartFlip insurance program designed for fix-and-flip real estate transactions. He explained that the program addresses common issues borrowers face with traditional insurance policies that delay closings, offering a quick quote-to-bind process that can be completed in 5 minutes through their Trailblazer program. Cody noted that SmartFlip provides flexible coverage options across Texas in all wind tiers, though wind coverage is excluded near coastal areas, and mentioned plans to expand into additional states soon.

 

Investor-Focused Property Insurance Product

Cody presented an investor-focused insurance product designed for vacant properties, properties under renovation, and investor dwellings, particularly targeting fix-and-flip projects in Texas. He outlined the product's key requirements, including specific property types, construction methods, and use cases that fit investor-driven deals, while explaining what types of properties are excluded from coverage. Cody also discussed the "gray area" considerations where certain deals might be workable depending on specific circumstances, though these don't fully meet the core product requirements.

 

Property Insurance Underwriting Guidelines

Cody discussed underwriting guidelines for property insurance, explaining that while certain properties like coastal areas, townhomes, and properties with deferred maintenance require additional review, they are not automatically excluded. He outlined coverage highlights including an ENS product offering basic and special forms, flexible policy terms of 3, 6, 9, and 12 months, and deductibles starting at $2,500 with wind and hail deductibles varying by location. The coverage includes structure, liability, wind and hail, fire, and optional catastrophe coverage, with total TIV limits up to $1 million per location, though larger amounts can be considered on a case-by-case basis.

 

Property Insurance Submission Process Overview

Cody presented an overview of the property insurance submission process, explaining that deals start with completing a quote through the Trailblazer platform. He outlined key submission requirements including property details, intended use, completion value, loss history, and coverage limits. Cody also described the underwriting considerations, which focus on home age, condition, roof age, and prior losses, with particular attention to roofs over 15 years old and recent loss activity within the past three years.

 

Property Security Risk Evaluation

Cody discussed security requirements for properties, including boarding up windows, fencing, and other safeguards for vacant properties, with property values typically ranging between $25,000 and $1 million. He presented three case studies to illustrate risk evaluation processes, showing a clean bindable deal, a declined deal due to multiple red flags, and a gray-area case requiring underwriting review. The discussion focused on how the operations team evaluates risks and determines next steps for properties that need additional review or potential decline.

 

NuSureCo SmartFlip Quoting Process

McKenzie demonstrated a walkthrough of the NuSureCo specialty portal for quoting the SmartFlip product, a specialty product administered by Monarch Sky MGA. She explained the five-step quoting process, including applicant information, premises details, coverage options, loss information, and additional interests. McKenzie highlighted key features such as disclosure questions, form selections, and the ability to calculate premiums, concluding with instructions on how to submit and download the quote packet.

 

Trailblazer Program and Coverage Updates

Cody presented the Trailblazer program and demonstrated the quoting process, highlighting that a landlord policy expansion is expected for late summer to fall. The team addressed several questions about renovation requirements, with Cody clarifying that basic renovations with four walls, a roof, doors, and electric/plumbing are approved, while large projects may need additional underwriting review. Cody confirmed that while wind coverage is available for coastal properties up to Tier 1, Tier 1 wind specifically is excluded, and long-term rentals are not currently supported but may be added in the future.