Understory Inc. a Madison-Wisconsin provider of innovative insurance solutions for climate risk, and Skyward Specialty Insurance Group Inc., a Houston-based specialty insurance company, have partnered to launch a new insurance solution to help U.S. automotive dealerships control the rising cost and instability of dealership inventory coverage, or dealers open lot (DOL).
The new solution combines Understory’s breakthrough weather Technology and expertise in risk mitigation with Skyward Specialty’s deep underwriting, claims and captive experience to pioneer a mutualized captive property insurance structure. The program is member-owned and controlled with competitive premiums and allows dealerships to make decisions to enhance their asset protection. Additionally, the program’s members share in underwriting profits, which standard insurance companies typically retain.
Understory’s proprietary, hyperlocal climate risk engine aims to price risk accurately and fairly while utilizing unsurpassed forecasting capabilities. In addition, Understory’s science-based insurance combines real-time underwriting, early weather warnings, loss mitigation support and automated weather claims processes to create a sustainable insurance product for all partners involved.
The program, which launched on September 1, 2022, already has its first members and an impressive pipeline of potential members generated in partnership with a select group of specialty DOL brokers. Additionally, the program is backed by several of the industry’s top reinsurers, who have an A- A.M. Best rating or better. For more specific information on the captive, Understory’s innovative Technology and its target participants, follow this link to learn more.
Was this article valuable?
Here are more articles you may enjoy.
Interested in Auto?
Get automatic alerts for this topic.