MSI thrives on finding solutions to customers’ important challenges and is driven to deliver exceptional service in every phase of the policy lifecycle. MSI's Homeowners E&S consists of two programs. The Retail HO3/HO5 program focuses on Affluent and High Net Worth CAT-exposed single-family homes used as Primary, Secondary, or Rental residences. Their Mainstreet HO3 Program focuses on less CAT-exposed risks, that are synonymous with traditional E&S business. Start earning a commission of 12% on New Business and Renewals. Watch the webinar recording below to see how you can leverage MSI for your clients.
MSI ENS Homeowners Product Launch
The MSI team, led by Jake and Alex, introduced their excess and surplus lines (ENS) homeowners product, offering two main segments: Retail Homeowners ENS (HO3 and HO5) and Main Street. Jake explained the submission process, eligibility criteria, and underwriting guidelines for both products, emphasizing the use of MSI's virtual insurance platform (VIP) for quotes and the need for underwriting pre-approval for high-value homes and high-profile individuals. The team highlighted key features like automated underwriting rules, replacement cost estimates, and inspection requirements, while also discussing eligibility restrictions for properties in wildfire-exposed states, coastal areas, and those with excessive current lapse in coverage.
MSI Insurance Wildfire Mitigation Requirements
Jake presented on MSI's insurance programs, focusing on wildfire mitigation requirements for high-value homes and inspection processes. He explained that for high-value homes, defensible space and home hardening requirements apply, including non-combustible roofing and siding. Jake also demonstrated MSI's VIP platform for quoting insurance, showing how agents can input client information and select coverages. The platform automatically runs underwriting rules and provides estimated replacement costs.
Insurance Loss Control and Coverage
Jake explained the process of adding loss control credits and optional coverages for different insurance products, emphasizing the need for documentation and varying options between the E&S Homeowners and Main Street products. He clarified that MSI does not have a water sublimit for its E&S Homeowners product but applies a $5,000 sublimit for older homes or homes with prior water losses in the Main Street program. Alexander inquired about water coverage, and Jake provided details on wildfire eligibility, including defensible space requirements and home hardening measures, noting that a one-page wildfire defense questionnaire is available for further clarification.
Roof Eligibility for Retail Home ENS
Jake explained the roof eligibility requirements for the Retail Home ENS program, which have strict underwriting rules based on roof type and age. For the Main Street subprogram, if a roof exceeds the age threshold, a roof exclusion is applied to the quote instead of a declination. Alexander and Jake encouraged attendees to submit any remaining questions, which Mackenzie would compile and share with the MSI team for follow-up. Jake also clarified the eligibility criteria for non-weather claims, stating that more than two paid non-weather losses in the last three years would make a property ineligible, but weather-related losses are eligible.