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International Specialty Insurance

Specialty Insurance Products

Physicians Insurance

As a physician, surgeon or dentist, it is vital to protect your most valuable asset – your ability to earn an income.

However, professionals in the medical field know all too well that traditional insurers fall short in providing adequate amounts of insurance. If a physician can’t perform their “own occupation”, it’s important that their disability coverage have high enough limits to help replace their lost income.


Disability Insurance

High Limit Disability

Physicians and Surgeons know that traditional insurers fall short in providing adequate amounts of disability insurance. If they can’t perform their "own occupation", it’s important that their disability coverage have high enough limits to help replace their lost income. International Specialty Insurance can obtain the limits your clients require and the flexibility they need.

  • Elimination periods 30, 60, 90, or 180 days available
  • Monthly indemnity in excess to $100,000 a month
  • Own occupation definition
  • Residual Benefits Rider & COLA available
  • Benefit periods up to 60 months, plus lump sum benefits to an aggregate of $10,000,000+
  • Individual or Multi-life coverage
Key Person Disability

With most companies, their strength lies in their staff and the skills that they bring to the workplace.  With that in mind, companies seek to protect these assets with key person coverage to either protect against loss of income due to the death or disability of a staff member or to pay to bring in a substitute while they seek new talent.

International Specialty Insurance provides high limit Key Person disability insurance for private and public organizations, law firms, and medical professionals. 

  • Elimination periods 30, 60, 90, or 180 days available
  • Monthly benefits in excess to $100,000 a month
  • Own occupation definition
  • Lump sum benefits to an aggregate of $10,000,000+
  • Individual or Multi-life coverage
Typical Clients

Here are 4 reasons why corporations should purchase key person disability insurance.

1) The business that they run is a professional one and the key employees are such that they cannot be replaced easily.

2) Their business would not be able to continue for long without that particular individual they have lost.

3) Continuity in business is important.

4) The age of the key persons is between 30 and 55 years. Disability may be more probable than death, hence key person insurance may be considered to keep a check on the losses that may occur because of the inability to work of that key person.

Business Overhead Expense

Business overhead expense (BOE) insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. When traditional carriers limit the amount of Business Overhead Expense Insurance due occupation or overall maximum limits, International Specialty Insurance can provide supplemental coverage to be placed on top of the existing coverage.

Alternatively

This insurance may be used for primary coverage if the traditional market cannot offer any terms due to reasons such as occupation, type of business, medical history, age or place of work. 100% of eligible business expenses can be covered.

Case Study

Dr. Example, a dentist, owns his own practice and has a disability buy-out policy that will transfer ownership to the practice to his two employees. The policy will buy out his interest after one year of disability. After speaking with his financial advisor, Dr. Example realized that he couldn’t afford to keep the practice running and meet his business expenses for an entire year without help. International Specialty Insurance designed a Business Overhead Expense Disability policy that would pay benefits for 12 months, to coordinate with the waiting period under his buy-sell policy and assure the dentist that his practice will go on without him.

Buy-Sell Disability

For those in the medical field, the concept of a buy-sell agreement is not new. Most medical practices probably already have such an agreement in place. While death, retirement or termination of a partner is usually contemplated, the disability component is often overlooked. Disability buy-sell insurance is designed to assist healthy owners to fund the purchase of a disabled owner’s share of the business. In fact, the likelihood of a long-term disability affecting the business increases as the number of owners in that business increases. Therefore, it is extremely important for business owners to consider disability buy-out insurance as part of their buy-sell program.

Case Study

A private practice group had a contractual Buy-Sell Agreement covering all 5 of its owners, ranging from $75,000 to $5,000,000. International Specialty Insurance developed a Disability Buy-Sell Policy on all of the owners with an aggregate benefit in excess of $12,500,000.

Group High Limit Disability

Professionals in the medical field know all too well that traditional insurers fall short in providing adequate amounts of group or multi-life disability insurance. Most carriers limit issue levels to $25,000 per month which leaves high earning physicians and surgeons under-insured. International Specialty Insurance provides multi-life coverage to supplement a company’s in-force disability insurance program. Coverage is also available where traditional carriers will not offer coverage.

International Specialty Insurance underwrites group policies with as little as a short form application and a company census of employees.

Case Study

A private practice had a surgeons group earning $800,000 and above. The group’s coverage plan provided 60% to a cap of $15,000 per month. The group was short $25,000 per month or covered at 22.5% of pre-disability income. International Specialty Insurance offered an excess monthly benefit of $25,000 per month excess of 90 days and payable for 5 years.

Bank Loan Guarantee

Lending institutions many times require the borrower to secure a disability insurance policy in the event the individual paying the loan becomes disabled and can no longer make payments. Due to the potential risk of disability, numerous institutions are hesitant to provide large loans to individuals without coverage in place. International Specialty Insurance offers a solution that will satisfy the bank requirements with the Bank Loan Guarantee insurance plan. The plan is fitted to the terms of the agreement with a declining benefit, and the premium can be added to the loan.

Life Insurance

Accidental Death and Dismemberment (AD&D)

Accidents happen every day, sometimes serious enough to cause a critical injury, or even death. AD&D policies can be issued in increments of time from 1 day to 36 months, coverage amounts range from $1 million to $75 million and coverage can generally be bound within hours with an application and financial justification. In the event of accidental death, this insurance will pay benefits in addition to any life insurance held.

  • Corporate Group insurance
  • Flight coverage only
  • High risk events
  • 24 Hour, Worldwide Coverage
  • War and Terrorism Coverage
  • Benefit amounts exceeding $75,000,000 per person
  • Policy Terms of 30, 60, 90 days or up to 3 years
Case Study

A 50 year old individual with a heart condition was declined for traditional life insurance. International Specialty Insurance underwrote and placed $4,000,000 of Accidental Death coverage on an annually renewable basis.

Interim Life Insurance

International Specialty Insurance provides Failure to Survive insurance (also known as Confidential Life) as an alternative to traditional life insurance for corporations. Failure to Survive was designed to provide an immediate solution to your life insurance needs. While traditional life underwriting often takes many weeks to complete, Failure to Survive can be accomplished in a matter of hours.

  • Policy Terms of 30, 60, 90 days or up to 2 years
  • 24 Hour, Worldwide Coverage
  • Benefit amounts to $50,000,000 per person
  • War and Terrorism Coverage
  • Accident & Sickness
  • Must be third party owned with contractual obligation
  • No Medical Exam Required
Case Study

A private practice group signed a new surgeon to a four year employment contract. Within the agreement, the practice was obligated to provide $5,000,000 of life insurance protection. International Specialty Insurance bound a $5,000,000 Failure to Survive policy for 90 days while the life underwriting took place.

Contingency & Specialty Insurance

Kidnap and Ransom

Kidnap and Ransom insurance protects corporate executives, business owners and celebrities against the financial consequences of a kidnap, illegal detention or extortion. International Specialty Insurance provides Kidnap and Ransom insurance coverage to help mitigate this risk and works with the world’s leading crisis management response groups to help provide a safe and peaceful solution to a terrible experience.

Typical Clients
  • Banks and financial services companies
  • Oil, gas and petrochemical companies
  • Foreign aid companies
  • Security companies
  • Mining and construction companies
  • High net worth individuals
  • Pilots
  • Celebrities including the stars of the stage, screen and athletes

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