The product covers properties and land that are under renovation or that are less than 30% occupied. Buildings up to three stories and up to 25,000 square feet and those built as early as 1900 are eligible. Coastal and wind-exposed property will be considered, Pathpoint said.
Pathpoint said it developed the product in response to agents expressing a need to more efficiently obtain coverage for vacant properties. Agents said that obtaining the coverage could be slow and painful in the E&S market, the company said.
“Vacant property is yet another product that independent agents need regular access to and often find themselves leaning on wholesalers to place,” said Alex Bargmann, co-founder and CEO of Pathpoint. “And for the most part, it’s more emails, more follow-ups, and more pain. We built our product specifically around the idea of fast and easy quotes. If it’s something our markets want to cover, any agency can quote it in a few minutes with us.”
Like all Pathpoint products, the Vacants product is delivered through E&S technology, with Pathpoint serving as the surplus lines agent and handling all servicing and compliance on the back end. The product is available in all 50 states, with a particular focus on Georgia, Ohio, Alabama, Minnesota, Texas, Pennsylvania, Massachusetts, Virginia, Florida and Maryland.