Covering risky property

A niche underwriting agency has introduced a new high risk property product to its portfolio with the aim of servicing clients’ ‘hard to place’ risks.

Brooklyn Underwriting’s High Risk Property product has been created to complement the company’s Expanded Polystyrene Foam (EPS) facility, broadening the manufacturing and storage risks they write for their clients.

Underwriter Toby Salmon says: “We’ve had a dedicated EPS facility for the last five years. This was really just a natural progression from that facility. It gives us a broader appetite to look at those hard to place property risks.”

Further to expanding their manufacturing and storage risk capability, the new product will also extend across certain accommodation risks, including backpacker and hostel accommodation.

“There are certain types of accommodation that we are considering, like backpackers and hostels. We want to apply the same risk management expertise that we have with our EPS facility to these risks,” Salmon says.

Salmon says that although Brooklyn Underwriting will continue to keep an eye out for gaps in the market, the company is still focused primarily on servicing their client base within the niche fields that they are known for.

“The reason we’ve brought out this new product is to remain niche. We are not in the business to write everything under the sun. We don’t want to be a generalist or write a general property book,” Salmon says.  

“But of course we will always be looking for new avenues and new products to be bringing out that will complement the ones we already have.”