Some 60% of the state's E&S homeowner policies are concentrated in Long Island's Nassau and Suffolk counties, which are home to the bulk of New York's coastal properties. The significant windstorm risk posed on Long Island is a huge barrier to obtaining a policy on the admitted market. (Credit: littleny/stock.adobe.com)
Excess & surplus (E&S) lines are vital to filling two important coverage needs in the New York home insurance market: High-value homes and dwellings near coastal waters, according to a study commissioned by the Excess Line Association of New York (ELANY).
Two factors driving these niche markets, according to the association, are underwriting concerns for higher hazard levels (primarily near coastlines) and coverage for homes that have much larger than typical insured value needs or desire for other coverages beyond those in standard home insurance policies.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
