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International Specialty Insurance

Specialty Insurance Products

Executive Insurance

As an executive, a disability could have huge financial implications. Even a partial disability can be devastating financially.

Executives know all too well that the traditional disability market is not able to provide adequate amounts of disability insurance. ISI provides limits in excess of $200,000 per month with “own occupation” definitions.


Disability Insurance

High Limit Disability

With executive compensation on the rise, and issue limits for disability income protection in decline, highly compensated individuals are not able to adequately protect their income against a disability loss. International Specialty Insurance provides high limit disability solutions for your very affluent clientele. Coverage is available above and beyond what traditional insurers offer.

  • Elimination periods 30, 60, 90, or 180 days available
  • Monthly indemnity in excess to $200,000 a month
  • Own occupation definition
  • Residual Benefits Rider & COLA available
  • Benefit periods up to 60 months, plus lump sum benefits to an aggregate of $20,000,000+
  • 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
Case Study

A major corporation relies heavily on one of their top performers. If he were unable to perform his duties due to a disability it would be a financial strain on the company. International Specialty Insurance provided a policy to cover the “Key Person” in the event of a disability with a monthly benefit of $45,000 per month, payable for 18 months. The benefits from the Key Person Disability coverage are paid directly to the firm.

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

Mr. Example, an attorney, 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, Mr. Example realized that he couldn’t afford to keep the firm 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 attorney that his firm will go on without him.

Buy-Sell Disability

For those in the executive world, the concept of a buy-sell agreement is not new. Most firms 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 legal firm has four partners; the firm is valued at $20,000,000. International Specialty Insurance provided a disability and accidental death policy to protect the partners at $5,000,000 each, to fund the buy-sell agreement in the event of a sickness or injury that could result in a disability or accidental death.

Group High Limit Disability

Professionals in the executive world 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 executives 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 legal firm had five attorneys 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 45 year old executive with a diabetes was unable to obtain any life insurance. International Specialty Insurance underwrote and placed $5,000,000 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 consulting firm signed a new employee to a four year employment contract. Within the agreement, the firm 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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