We sat down with Veracity brokers for a Q+A session about what makes Veracity’s Vape Insurance Program so unique. Here’s what they had to say.
From a broker perspective, how would you describe the current state of the vape insurance industry?
The insurance industry is shrinking for this class of business. Markets have, and continue, to drop out due to unfavorable claims experience. One driving factor is US suppliers using inferior products in an effort to drive the device pricing lower. The use of imported/counterfeit batteries is at the front of most of the explosions claims we have seen on the news.
What are the most common claims you see from vape businesses?
We see a lot of battery malfunctions or explosions, theft of personal property, and mislabeling ingredients in e-liquids
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Our industry-leading products liability program began in 2008, and we’ve been working with the same reputable carriers since. This program targets manufacturers, importers, and distributors.
We can place product liability insurance for an array of businesses including niche markets such as beauty and cosmetics, nutraceuticals and supplements, and the vape industries. If you’re looking for solutions for your hard to place clients, watch the video to find out how we can help.
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Veracity employees gathered in the building’s lunch area following their shifts on Tuesday, May 22, 2018 to prepare survivor kits for the Younique Foundation’s annual retreat.
“The women who attend the retreat are survivors of sexual abuse,” says Veracity Compliance Officer, Vickie Goodman.
Goodman headed up this service project by developing a committee and rallied to get each department involved.
“I got the idea to donate to the [Younique] Foundation after a conversation with a friend that works for the company,” Goodman says. “We completed 32 kits, equal to the number of women who attend the retreat each year.”
Each kit contained several handmade items: fleece blankets, leather-bound journals, beads, ‘Thank You’ cards for each survivor’s sponsor, ‘Warrior’ cards, and a glass bowl. Retreat atte
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Nothing pulls on our heartstrings more than children who are in need. Especially those whose families are unable to afford a home cooked meal or a school lunch. As part of our ongoing efforts to make a difference in our community and advance our Veracity Gives Back initiative, our team of brokers fundraised and donated $512 to the Five.12 Foundation.
The Alpine-based charity got its roots when local businessman and entrepreneur Nick Greer, discovered that his close friend received a Leukemia diagnosis. When he found out the illness had exhausted the family’s insurance and financial resources, Greer raised over 60K in less than three days, using the money to help pay for medical costs. Part of these funds came from Greer’s daughter, who offered her savings, $5.12, to her fat
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