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.
What differentiates Veracity’s Vape Insurance Program from the “other guys”?
Our program is the only one in the industry that doesn’t have a health hazard exclusion that eliminates coverage for both the device and/or liquids. This coverage carve-back is important for those that sell, import, or manufacture vaping products. Defending and paying on these types of claims can and does happen.
What types of businesses fit within Veracity’s Vape Program?
If your client’s business manufactures and distributes batteries, chargers, e-liquids, and other hardware including; e-mods, tanks, wicks, drip tips, and accessories they will qualify for coverage. Vape shops also qualify for our program.
Why do you and your clients win when you work with Veracity’s Vape Insurance Program?
When you work with our brokers, you’ll be working alongside the largest provider of vape insurance in the industry. This is largely due to the fact that we have built and maintained a solid foundation with our underwriter.
We’re familiar with and have been writing this unique type of insurance for more than 10 years and you’ll be able to provide clients with affordable, stable rates and the broadest coverages.