Delivering the correct options for hard-to-place dangers

As MJ Corridor celebrates its fiftieth anniversary in 2013, the corporate continues to develop good options for tough coverages and enhance its customer support, mentioned president John Donahue.

MJ Corridor is a generalist that gives a variety of options, from business packages to extra legal responsibility, and insurance coverage protection for earthquake harm, trucking traces, eating places, and hashish companies. Because of MJ Corridor’s success in these area of interest sectors, Insurance coverage Enterprise acknowledged it as one among its 5-Star Wholesale Brokerages and MGAs this yr.

It’s clear that MJ Corridor’s precedence is enhancing its relationship with prospects and retail brokers.

“I believe one of many issues we try this helps to satisfy the purchasers’ wants is our groups are very entrepreneurial,” mentioned Donahue in this interview. “Our brokers are commissioned brokers; they don’t earn a living until they get the deal executed for his or her buyer. So, they’re very centered on discovering the correct answer for the client.”

Donahue defined that MJ Corridor’s lead brokers are supported by groups, which allow them to construct sturdy relationships and reply promptly to retail brokers’ wants.

The enterprise has grown significantly due to hashish insurance coverage, a distinct segment the place MJ Corridor is likely one of the trailblazers.  

“In the event you go a number of years again, [cannabis] was one of many few video games on the town, so we knew it and received a repute for it. We understood what a great threat was and what a foul threat was and the way to place it and who to interchange it with and what coverages to [provide],” he mentioned.

Because the competitors on this area of interest intensifies, Donahue has seen the emergence of extra choices for purchasers and higher expertise within the type of superior score and ease-of-use techniques. One other pattern he has noticed is brokers’ higher understanding of the dangers and retailers’ higher information of the merchandise. This enables corporations like MJ Corridor to develop protection extra precisely in response to shoppers’ threat administration wants.

In such a posh market with excessive reinsurance prices, MJ Corridor stays optimistic about its capability to deal with hard-to-place dangers.

Donahue advises retailers to “be demanding about getting solutions shortly …, particularly on this market as a result of that you must be. You want a variety of work executed to position a few of these tougher dangers.”