WAKEFIELD, Mass., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Tokio Marine HCC – Specialty Group, a member of the Tokio Marine HCC group of companies based in Houston, Texas, today announced that Prestige Disability, a premier insurance product designed for highly compensated individuals, is now an admitted product in New York. This milestone allows more high net-worth individuals in New York to access comprehensive disability coverage tailored to their substantial incomes.
Being admitted signifies a higher level of regulatory protections compared to policies written by non-admitted carriers. Admitted insurance products in New York are subject to additional regulations, including in most instances the New York Department of Financial Services’ review and approval of the rates and forms used by such carriers. Non-admitted carriers are not subject to these same statutory requirements. In addition, in New York, non-admitted surplus lines products incur additional taxes and fees of 3.6% and 0.15%, respectively, of the annual premium, which must be paid by the policyholder upfront for the entire policy term.
Prestige Disability is designed for executives, entertainers and other high-income professionals who need robust financial protection in the event of a disability. Unlike traditional disability policies, Prestige Disability offers high coverage limits and customized benefits to ensure comprehensive protection. It can also cover occupations such as directors, producers, screenwriters, authors and artists, which are typically not available in traditional markets.
Traditional coverage typically offers 60% of an insured’s annual earnings up to a set amount, with the majority capping coverage at $15,000 per month. For an individual earning $1,000,000, this coverage equates to $50,000 per month. If traditional coverage provides only $15,000 per month, there is a shortfall of $35,000 per month. Prestige Disability insurance offers coverage to bridge this gap, ensuring that individuals receive the full $50,000 per month of covered earnings.
“Disabilities do not discriminate. They can happen to anyone regardless of income or occupation,” said Kathy Bouras, Vice President of Prestige Underwriting, Tokio Marine HCC – Specialty Group. “Our Prestige Disability insurance is critically important for underinsured, highly compensated individuals concerned about their financial viability should they become disabled. We are thrilled to offer this essential coverage to the New York market.”
About Tokio Marine HCC
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $61 billion as of March 31, 2024. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from AM Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
| Contact: | Kathy Bouras |
| Vice President, Prestige Underwriting | |
| Tokio Marine HCC – Specialty Group | |
| kbouras@tmhcc.com |
