Rainbow launches new annual term BOP for restaurant industry
Rainbow launches new annual term BOP for restaurant industry | Insurance Business America
Insurance News
Rainbow launches new annual term BOP for restaurant industry
MGA hails the proposition as an “industry’s first”
Insurance News
By
Kenneth Araullo
Rainbow has unveiled what it touts to be an industry-first annual term business owner’s policy (BOP) designed specifically for the restaurant industry.
The new offer provides a variety of flexible payment options, including a pay-as-you-go billing method. Independent agents and brokers can access Rainbow’s digital insurance products directly or through participating digital partners. With capacity facilitated by Accelerant, Rainbow’s new venture also taps into the admitted commercial multi-peril market.
Additionally, Rainbow’s rewards program also provides policyholders with substantial credits, leading to reduced premiums and complimentary safety training resources for establishments demonstrating safe and proactive operations during submission or self-inspection, it was outlined. The pay-as-you-go billing option aligns with the operational fluctuations of the establishment, offering a variable monthly premium.
Rainbow also encouraged agents to visit its website to learn more about the agency’s various products and appetites, as well as to apply to become an appointed producer.
“It is clear from our early trading partners that adequate, tailored insurance which gives credit to an insured for operating safely and prudently is harder and harder to come by. Not only is Rainbow a new market with a uniquely broad appetite in this class, but our seamless digital quote experience and focus on expedited underwriting response times provide agents with the confidence that submissions are bespoke to their client and accurately priced,” Rainbow CEO and co-founder Bobby Touran said.
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