Delivering the suitable options for hard-to-place dangers

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

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

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

“I feel one of many issues we try this helps to fulfill the shoppers’ wants is our groups are very entrepreneurial,” stated Donahue in this interview. “Our brokers are commissioned brokers; they don’t generate profits except they get the deal finished for his or her buyer. So, they’re very targeted on discovering the suitable resolution for the shopper.”

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 among 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 acquired a status for it. We understood what a great threat was and what a foul threat was and methods to place it and who to exchange it with and what coverages to [provide],” he stated.

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 ranking and ease-of-use programs. One other pattern he has noticed is brokers’ better understanding of the dangers and retailers’ better information of the merchandise. This enables firms like MJ Corridor to develop protection extra precisely in response to customers’ threat administration wants.

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

Donahue advises retailers to “be demanding about getting solutions rapidly …, particularly on this market as a result of it is advisable be. You want a number of work finished to put a few of these tougher dangers.”