CHART News

The Launch of CHART Markets

For many of us, the recent holiday season included trips to the local mall in search of presents for family and friends. This imagery is very familiar for those of us at the CHART Exchange, because it serves as the basis for our newest venture – CHART Markets.

What is CHART Markets?

Think of it as a shopping center for those insurance products underwritten through the London market. We provide the web-based platform – a virtual counterpart to a brick-and-mortar shopping facility.

Visitors have access to an easy to use directory to conduct product searches, get assistance on the placement of unique/one-off risks, and learn more about the services offered by CHART’s network of Vendor Partners.

 

The new facility was designed to give retail insurance agents access to Lloyd’s-underwritten products. Our portfolio consists of the coverage offerings available through participating member Coverholders (entities possessing Delegated Underwriting Authorities through London) of the CHART Exchange. Each participant maintains their own customized storefront. These dedicated pages offer product information, submission instructions, and descriptions of preferred risk characteristics.

MiniCo Insurance Agency is one of the first storefront owners of CHART Markets. They are a managing general agency offering multiple specialty property and casualty insurance products for a variety of unique industries and exposures. Their current national programs include commercial self-storage, fine art and collectibles, agribusiness, sports and activity, and lawyers professional liability. They also offer monoline programs for commercial risks such as equipment breakdown and cyber liability.

MiniCo offers three products via the CHART Markets facility. The specialty property insurance program is designed to provide coverage solutions for self-storage risks that may be challenging to insure due to high-risk geographic location or marginal underwriting characteristics. The monoline wind/hail deductible buy-back program is available to commercial risks and can be written in conjunction with any other company's primary property policy. The miscellaneous professional liability program provides errors and omissions coverage for a wide array of professional service providers, which can be customized to fit the policyholder's unique needs.

Mike Schofield – President and CEO of MiniCo Insurance Agency – offered these insights as to why his firm decided to become a part of CHART Markets:

MiniCo's status as a Lloyd's coverholder has yielded enhanced opportunities to expand our range of insurance products. Marketing these programs via CHART Markets will help MiniCo reach a much wider audience.. We have come to rely on the platform to communicate with agents seeking unique insurance solutions.

Key features of the CHART Market site are provided below:

  • Product Search Functionality. Retail agents will be given the opportunity to search through the portfolios of our storeowners through a unique search portal. Entering keywords related to product or coverage type will generate a roster of members with compatible offerings. Each listing will include highlights, contact information, and links to websites. More importantly, the member is notified each time an agent views their offerings – allowing them to conduct their own follow-up.

    CHART Markets Exchange

    Occasionally, retail agents will inquire about a product that is not offered through any of our storefront owners.

    In these situations, the producer will be given the opportunity to post information about the risk on an exchange.

    Participating members will then have the ability to provide placement assistance on a one-off basis.

     


    • Vendor Services. CHART Markets is not limited to insurance products. Our Vendor Partners will also have the opportunity to use platform as a way of promoting their areas of specialization to this unique business niche. Services include legal, loss control, M&A, promotional items, consulting services, web-development, systems, compliance, licensing, fronting, captive management, marketing assistance, etc

      We have launched the CHART Markets platform with 15 unique storefronts. A number of new sites are scheduled to be added before year-end. Visit us at www.chartmarkets.com for a first-hand look at the facility. Entities interested in promoting their London-underwritten products here are invited to contact us via e-mail at info@chart-exchange.com.