RISK MANAGEMENT

Motus Insurance Services Partners With Beazley via BHI Digital, Launching Its Earthquake Product in All 50 States

The Motus Solution | March 02, 2022

policy conference
Motus Insurance Services, LLC has added Beazley PLC via BHI Digital to provide an elective earthquake program for residential and commercial associations. Beazley is a publicly traded company (LSE:BEZ) with over $3 billion in premium and maintains an A rating by AM Best with a stable outlook. Beazley will give residential associations and their individual unit owners access to the leader in catastrophic deductible buydown insurance in the market, adding more flexibility to the Motus product set with a carrier that can properly underwrite this targeted risk.

"This is an important step for Motus and for our clients, We can officially write our earthquake program in all 50 states, and adding Beazley as our 4th insurance carrier further validates our unique earthquake insurance program for associations. Each of our carriers takes a different view on earthquake risk, and the addition of Beazley adds additional capabilities to our program. This means we can offer the most competitive pricing to our clients, whether they're focused on full coverage in the case of a major earthquake, or paying for minor repairs."

- CEO Dan Wallis.

"Motus Insurance Services, in my opinion, is as innovative of a company in the insurance industry as there is today Through our partnership with Motus Insurance Services, together we are able to provide lower Earthquake deductibles to individual residential owners in an association than are typically available in the insurance marketplace. Instead of being handcuffed with a massive deductible in the event of a loss and the prospect of potential cash flow issues, unit owners are able to purchase through Motus Insurance Services a lower deductible amount that best fits their desires and needs. The team at Motus Insurance Services is as good as there is and we are glad to be partnering with them not just in California, but now throughout the United States."

- Kevin Ware, co-founder of BHI Digital.

Motus was founded to provide residential association boards and membership with a third option: a custom elective earthquake insurance program that offers individual unit owners the benefits of commercial underwriting and commercial coverages without placing a burden on the association budget. The Motus Opt-in Earthquake Program offers a better option for associations struggling to manage risks within increasingly challenging financial constraints.

About The Motus Solution
The Motus Opt-In Earthquake Program is designed to bring all the benefits of a traditional master earthquake insurance policy to the more than 30,000 associations and 2.2 million condo owners who are not covered by one. Only a master earthquake policy can allow a condo owner to fully protect the equity in their home. This is because only a master policy can fully cover damages to residential buildings, foundations, garages, underground pipes, and other common areas within the community. Traditional unit owner policies (which are unavailable to many condo owners) were designed to supplement a traditional master policy – not replace the coverage they provide. These traditional unit owner earthquake policies depend on zip code rates and cap critical coverages like loss assessment coverage or contingent liability. Each Motus program is custom-built based on the specific exposures of the association. Once the board approves the Motus program for their association, each unit owner then has the option to purchase their pro-rated share of a master policy – covering unit interiors, residential buildings and common areas. No more mind boggling exclusions.

Spotlight

Processing claims is a major cost for insurers. A 2016 McKinsey report1 noted that claims management represented 28.5% of overall operating costs for European property and casualty (P&C) insurers. The claims process can also be a major source of customer dissatisfaction. Indeed, a 2015 Financial Conduct Authority (FCA) survey of small businesses found that a key source of frustration was the delay of commercial insurance claims, often due to a lack of communication with claimants.

Spotlight

Processing claims is a major cost for insurers. A 2016 McKinsey report1 noted that claims management represented 28.5% of overall operating costs for European property and casualty (P&C) insurers. The claims process can also be a major source of customer dissatisfaction. Indeed, a 2015 Financial Conduct Authority (FCA) survey of small businesses found that a key source of frustration was the delay of commercial insurance claims, often due to a lack of communication with claimants.

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