AM Specialty Insurance partners with Once Insurance for jewelry coverage

AM Specialty Insurance Company (ASIC), an Arizona-based surplus lines carrier with an A- (Excellent) rating from AM Best, has announced its role as the underwriting partner for Once Insurance’s new offering in the jewelry insurance market.

According to ASIC, this partnership aims to simplify the insurance process for jewelry customers across the US.

Once Insurance has launched a product providing comprehensive five-year coverage for small jewelry collections through a single, one-time premium. The product is designed to eliminate the need for appraisals, recurring premiums, and annual renewals, making insurance more accessible.

According to the company, customers can save approximately 35% over the policy term compared to traditional coverage options.

Dominick Tassone Jr (pictured above), chief underwriting officer at ASIC, said that the partnership aligns with the company’s focus on customer-centric solutions. Tassone said ASIC is underwriting the product to provide customers with security for their valuables through a trusted and financially strong insurer.

Once Insurance’s platform is fully digital, allowing customers to obtain coverage online in minutes. The current offering provides coverage for items valued up to $5,000, with plans to expand the coverage limits in the future.

AM Specialty Insurance Company is an Arizona-authorized domestic excess and surplus insurance provider and an accredited reinsurer, specializing in specialty insurance solutions. ASIC collaborates with companies like Once Insurance to bring innovative products to the market.

Once Insurance, a provider of jewelry coverage, offers consumers a streamlined insurance experience through its single, one-time premium model, providing five-year protection for jewelry collections.

In June, ASIC also announced the acquisition of Pinpoint Insurance Solutions, a national program administrator, managing general agency (MGA), and surplus lines brokerage. This strategic acquisition underscores the group’s commitment to expanding its product offerings and enhancing its service capabilities in the excess and surplus (E&S) insurance market.

What are your thoughts on this story? Please feel free to share your comments below.