Great Bay Insurance Company

Carrier appetite summary

Line of business / forms - NJ Coastal Homeowners Program, HO-3 & HO-5 forms for residential properties. Focused on coastal New Jersey homeowners; policies are written by Great Bay Insurance Company. Target & preferred business - Single-family and 2–4 unit multi-family owner-occupied homes in coastal New Jersey (Jersey Shore counties: Monmouth, Ocean, Atlantic, Cape May per products page). - Primary or secondary/seasonal residences and part‑time rental exposures are acceptable. - Risks can include prior losses; program marketed as suitable replacement for dwelling fire policy where broader HO coverage is desired. - Dwellings with Coverage A from $100,000 up to $4,000,000; ability to customize limits for Coverages B, C, D to match risk characteristics. - Trusts, LLCs, corporations, and 2–4 unit condo associations are eligible named insureds (subject to program rules). - Properties with recent updates to roof, electrical, plumbing, and HVAC are especially attractive; significant pricing credits available for newer or recently updated systems and for primary homes, loss‑free history, age 65+, previous insurance, and loyalty. Geographic appetite - Specializes in coastal New Jersey homeowners along the Jersey Shore; company marketing indicates focus on Monmouth, Ocean, Atlantic, and Cape May counties (Sandy Hook to Cape May). - Program materials state no coastal restrictions and no distance‑to‑coast pricing – signaling an appetite for near‑shore and high‑wind‑exposed locations within NJ, subject to underwriting referral rules. Key underwriting features & referral triggers - Coverage A (dwelling) limit range: $100,000 to $4,000,000. - Customizable Coverage B (other structures), C (contents), D (loss of use): - Coverage B: 0%–100% of Coverage A. - Coverage C: 0%–100% of Coverage A. - Coverage D: 0%–50% of Coverage A. - Liability (Coverage E) can be fully removed if not needed, with limits otherwise available from $100,000 to $1,000,000. - Medical payments (Coverage F) can be removed or set between $1,000 and $10,000. - Water backup coverage available up to $75,000. Underwriting referrals (do not auto-decline; route for review/approval) - Dwellings built prior to 1950. - Total insured value (TIV) greater than $1,000,000. - More than 25 years since last update to electrical, plumbing, or HVAC systems. - Roof age over 20 years. - Protection classes 8, 9, or 10. Restricted / notable risk tolerance - No explicit prohibited classes are listed in the public program overview; appetite is specifically coastal homeowners, including hurricane and nor’easter prone properties. - Company highlights that there are: - No coastal‑zone distance restrictions. - No distance‑to‑coast pricing tiers. - No mandatory replacement‑cost calculator. - No credit scoring or insurance scoring used for rating. - No large hidden sublimits for issues like water damage or dogs beyond what is shown in the policy. - Individual condo unit owners and renters policies are not currently offered (per product page) – such risks should be placed elsewhere. Deductibles & wind/hurricane stance - All‑other‑peril (AOP) deductible minimum is $1,000; higher AOP options available for pricing. - Program materials state no wind or hurricane deductible is required, but multiple optional AOP, wind, and hurricane deductible combinations are available to reduce premium, including optional hurricane deductible that only applies when a hurricane causes a covered loss. Occupancy & usage - Acceptable occupancies: primary, secondary/seasonal, and part‑time rental use (e.g., limited short‑term or vacation rental exposure, subject to underwriting). - Can be used as a replacement for dwelling fire policies to provide broader homeowner‑type coverage on coastal properties. Submission, inspection & producer notes - Property inspections are part of the program, with three pathways: - Traditional third‑party on‑site field inspection. - Self‑inspection by the insured via an easy‑to‑use phone app. - Insured may elect no inspection in exchange for a +35% surcharge. - Consent‑to‑rate capability is available for customized rates and special risks, implying underwriters can work with agents on non‑standard coastal exposures. - Great Bay promotes itself as an admitted NJ coastal homeowners market with strong local expertise and indicates that it works closely with independent agents/brokers; expect normal full‑submission packages (application with full updates/renovation dates, roof age, prior loss details, occupancy and rental details, and photos or inspection via chosen method). Pricing credits & retention levers - Notable discounts include: - 10% auto companion discount when auto is written in the same agency. - 10%–20% previous insurance / new home purchase or lease discount. - 5% loyalty discount starting in year 2 with Great Bay. - 7% age‑of‑insured discount for insureds age 65+. - 10% new‑business loss‑free discount (three years loss‑free). - 9% primary‑home discount. - Additional credits tied to year of last update for key systems. Operational takeaways for brokers - Use Great Bay for coastal NJ HO-3/HO-5, especially near‑shore properties where standard markets pull back or add heavy wind/hurricane restrictions. - Pre‑screen for: pre‑1950 construction, high TIV (> $1M), older systems (>25 years since updates), roofs >20 years, and PC 8–10; submit these as referrals with strong supporting detail on updates, maintenance, and mitigation. - Avoid submitting individual condo unit and renters risks; these are outside the current published appetite. - Discuss inspection options with the insured upfront, including cost trade‑off of electing no inspection (+35% surcharge) versus self‑inspection or field inspection. - Consider consent‑to‑rate and customizable coverages/deductibles to solve for unique coastal or higher‑risk placements while meeting insured budget and coverage goals.

Referenced source pages