Orchid Updates Q2 | Orchid Newsletter

Blow Past Storm Season with Wind-Only Coverage!

Hurricane season is here, and now is the time to ensure your client's property is fully protected. When storms strike, wind is often a substantial threat, especially for high-value homes near the coast. A standard homeowner's policy may not be enough. If your client owns a waterfront or coastal property, a dedicated wind-only policy could be essential to cover damage from high winds, tropical storms, and hurricanes.

Whether you're filling a gap in an existing policy or need standalone wind protection, Orchid Insurance offers flexible solutions tailored to your client's needs. Start quoting in Marketplace today and help your clients ride out the storm with confidence!

QUOTE IN MARKETPLACE HERE!

Coverage Details

Minimum as low as $150,000 in most states
- FL Minimum Coverage A requirement is $200,000
Coverage limit flexibility without exceeding the maximum values of:
- Coverage B 70% of Coverage A
- Coverage C 70% of Coverage A
- Coverage D 30% of Coverage A
Ability to write multi-family dwelling with a maximum of 4 families
Flexible deductible options as low as 1% in some states

Wind Damaged FL Home_shutterstock_2212210347.jpg

To learn more about Orchid's Wind-Only product, click here! If you have any questions, please reach out to your designated Agency Development Manager.

Reminder: Payment and Compliance Documents

Prior to a policy being issued, all payments and compliance documents must be received. Also, as we continue the transition to the new Marketplace patform, we want to remind you of an important change regarding the submission of compliance documents.

Key Points To Note:

Marketplace Policies: Submit compliance documents directly online - do not send them to the legacy email mailbox
Legacy System Policies: Continue to use the email mailbox as usual

To streamline operations and prevent delays, please ensure you're utilizing the correct submission method. If you encounter any issues while completing the compliance documents in Marketplace, reach out to your underwriter for assistance.

Thank you for your cooperation as we work to make this transition smoother for everyone!

Earthquake Coverage is Back in SC!

We are excited to share that Orchid Insurance is now offering Earthquake coverage with a 5% deductible in South Carolina! Coverage is backed by our trusted AM Best A- or better rated carriers: QBE, Accredited, and Lloyds BA. Once you select one of these carriers in Marketplace, you can easily add this coverage to your quote by selecting "Earthquake Cov/Deductible" under the "Additional Coverage Options" section.

QUOTE NOW IN MARKETPLACE

If a renewal policy was previously migrated into Marketplace without Earthquake coverage - but originally included it - you can now add Earthquake coverage back at no additional cost. To speak with a renewal underwriter about the previous terms and confirm your renewal eligibility, contact us at 772-226-5546.

We encourage you to reach out to your clients to discuss this valuable coverage, and start quoting in Marketplace today!

Thank you for your continuted support. If you have any questions about this coverage option, please reach out to Lindsay Moore at lmoore@orchidinsurance.com.

FL Diligent Effort Requirement Update

We are aware of the recent change introduced by Florida HB 1549, which removes the requirement for diligent effort documentation when placing surplus lines insurance in Florida. Our team is actively working to implement this change, and you can expect to see system updates in the coming days.

Please note: The requirement for insured signatures on the "Surplus Lines Disclosure and Acknowledgement" form remains active.

If you have any questions, please reach out to your underwriting team or contact us at (866) 370-6505.

Marketplace Renewal Functionality Is Ready!

Renewals are coming to Marketplace soon! Our team has been working diligently on our renewal functionality, and as your policies come up or renewal, you will be accessing them through the new renewal dashboard in Marketplace. Review the important renewal process information below and register for training today.

What you can expect from Orchid:

Within the coming weeks, renewals with our proprietary carriers will start to be viewable in Marketplace
- Renewals on the dashboard will be viewable approximately 60-75 days before the effective date
- Policies that originated in Marketplace and policies that are rolling over from Connect and Policy Plus will be visible in the renewal dashboard
Brokerage and Digital Partnerships will remain in Connect and Policy Plus until later this year
- Continue to monitor your email for further communications
- Review the Orchid System Table for assistance with proprietary vs. brokerage business
Direct bill renewal offers and invoices will be mailed to the insured (and mortgage, if applicable)
An automated email will notify you that a renewal offer is available

What will be expected from you as the agent/agency:

Assure your client that a renewal offer is coming, but that it may be approximately 30 days in advance of their renewal date
Review the renewal offer in the Marketplace system
If changes to the offer are required, contact us at 1-866-370-6505 to speak with an Underwriter
Once the renewal offer is ready for issuance, complete the following in Marketplace prior to the renewal effective date
- Verify that the mortgagee and billing address are correct
- Complete any state form requirements in Marketplace
- Complete any E-signature requirements
- Ensure payment is made in full

Register For Training Today!

Join one of our live training sessions for a step-by-step guide fo the renewals process and a chance to ask any questions you have in real time! Register for an upcoming training at 10AM on the first Tuesday of every month or at 2PM on the third Thursday of every month!

FIRST TUESDAY AT 10AM

THIRD THURSDAY AT 2PM

Want to learn at your own pace? View our recorded training here or check out our renewal job aid below.

RENEWAL JOB AID