RLI Corp is a specialty insurer that operates through three primary segments: Casualty, Property, and Surety. Each segment comprises a range of products and services designed to meet diverse customer needs across various industries and sectors. Below is an extensive description of the segments, products, and services offered by RLI Corp:
CASUALTY SEGMENT
1. Commercial and Personal Umbrella - Commercial Umbrella Coverage: Designed to provide additional liability coverage that sits above the primary policies from both other carriers and RLI itself. This coverage is essential for businesses looking to mitigate risks from large liability claims that exceed their primary insurance limits. - Personal Umbrella Coverage: This coverage caters to individual consumers, extending beyond underlying homeowners and automobile liability coverage offered by other insurers, particularly in most states except for Hawaii, where RLI also provides some homeowners coverage.
General Liability - RLIs general liability insurance primarily covers third-party liabilities for commercial clients across various sectors including manufacturing, contracting, real estate investment trusts (REITs), and retail businesses. - Specialized environmental liability coverages for underground storage tanks, contractors, asbestos, and environmental remediation specialists are also part of this offering.
Professional Services - RLI provides a suite of professional liability coverages primarily focusing on errors and omissions for small to medium-sized companies in the design, technical, computer, and miscellaneous professional sectors. - The offerings include comprehensive multi-peril package products that encompass general liability, property, automobile, excess liability, and workers’ compensation.
Commercial Transportation - Insurance products under this category include commercial automobile liability and physical damage insurance, primarily aimed at truckers (local, intermediate, and long haul), public transport entities, and equipment dealers. - Additional coverages such as general liability, excess liability, and motor truck cargo are also available to ensure comprehensive protection.
Property & Casualty (P&C) Package Business - RLI offers tailored P&C coverages specifically for small contractors (ContracPac) and Main Street retailers. - These packages generally feature general liability while also providing inland marine coverages alongside commercial auto, property, and umbrella coverage.
Executive Products - This suite includes management liability products such as directors and officers (D&O) liability insurance, fiduciary liability, and fidelity insurance aimed at various low to moderate risk classes. - RLI focuses on excess “Side A” D&O coverage for scenarios where corporations cannot indemnify directors and officers, alongside primary and excess D&O coverage for private entities and non-profits.
Medical Professional Liability - Specializing in hard-to-place physicians and groups, RLI provides medical professional liability insurance and has expanded into healthcare liability focused on long-term care and hospital-related claims.
8. Other Casualty - This includes coverage options for niche markets, such as providing security guard insurance and home-based business coverage that offers limited liability and property protection for home-based enterprises. - RLI has entered into a quota share reinsurance agreement with Prime Insurance Company which allows them to cover a variety of hard-to-place risks in excess and surplus markets.
PROPERTY SEGMENT
1. Commercial Property - The commercial property coverage encompasses excess and surplus lines and includes specialized insurance for risks such as fire, earthquake, and differences in conditions (DIC) which might involve various additional coverages. - Typical insured entities range from office buildings and apartments to industrial structures.
Marine - RLI provides a variety of marine insurance products including coverage for cargo, hull, and marine liabilities, plus inland marine products like builders risks and contractors equipment. - While primarily serving the U.S. market, some products may offer incidental international coverage.
Specialty Personal - This includes specialized homeowners insurance for specific locations, including limited homeowners and dwelling fire insurance in Hawaii, as well as surplus lines homeowners insurance for high-value properties in dedicated areas. - Nationwide offerings also encompass recreational vehicle and jewelry insurance.
Property Reinsurance - RLI’s treaty division writes specialty property treaties focused on small, regional cedants, covering significant catastrophic perils like earthquake and windstorm events. - Portfolio underwriting applies advanced actuarial models for risk assessment.
Crop Reinsurance - RLI offers quota share crop reinsurance, covering multi-peril crop and crop hail exposures, supporting agricultural producers against losses due to natural disasters. - Their programs align with the USDA and cover revenue shortfalls or production losses.
SURETY SEGMENT
1. Miscellaneous Surety - This sector provides small bonds for individuals and businesses through an extensive network of independent insurance agencies in the U.S. covering bonds like licenses, permits, and court requirements. - The process is streamlined with advanced automation for underwriting and bond delivery.
Commercial Surety - RLI provides a broad range of commercial surety bonds tailored for medium-to-large enterprises encompassing various industries, focusing on account basis underwriting. - The firm can write bonded amounts up to $90 million, with coverage marketed through specialized brokers.
Contract Surety - By offering performance and payment bonds for contractors, RLI supports small to medium-sized construction firms. Bonds are marketed through focused insurance agencies with construction expertise. - Specific programs are available for emerging contractors backed by federal guarantees.
Energy Surety - These bonding solutions cater specifically to the energy, petrochemical, and refining industries, covering both onshore and offshore projects through targeted account underwriters.
RLI Corps robust and diversified offerings across its casualty, property, and surety segments demonstrate its specialization in niche markets, providing tailored insurance solutions that address unique client needs in various sectors.
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