SES partners with “A” rated carriers (Best’s), to offer comprehensive master policies written in the name of the financial institution. The policies offer consistency in coverage, broader terms and are designed specifically for fiduciaries to cover residential, commercial, farm and land asset types. Coverage also extends to personal property.
The package policy, with a broad named insured wording, offers property and liability for real and personal property assets. Earthquake and flood coverage are also available. The policy contains unique wording for trust relationships and coverage that mitigates loss for situations that are often unique to trust property.
Catastrophic perils under the Master Policies are written with annual aggregates. The total values of the property portfolio and geographical characteristics may result in a need for higher limits. SES has secured a follow form London program to offer higher catastrophic limits to better insulate property portfolios.
Higher liability limits over and above the Master Policy are available with the aggregate applying in the same manner as the primary – either per location or per trust basis. Coverage is follow form to the primary. The utilization of a separate excess liability policy offers greater protection from third party exposures for each fiduciary account and its assets. The coverage can act as a buffer between the Master Policy and corporate liability limits or replace corporate liability limits altogether.
SES continues to evaluate ways to expand and enhance its offerings. If there’s an opportunity, we’re listening.