MiIncident Gadget Product Summary
MIC’s Underwriting Appetite
Our MiIncident Gadget underwriting appetite enables us to offer protection designed to cover damage, theft and extended warranty on a range of technological products. These include, but are not limited to, mobile phones, point of sale (POS) devices, IoT devices, cameras, drones, or sports equipment. We deliver our solutions through programs with commercial customers and local insurers to offer additional value to their customers.
Bridging A Protection Gap
The traditional protection contracts fail to address the emerging needs of the digital, sharing and gig economy. We are here to fill the gap in the market by addressing specific circumstances that can inconvenience an individual through the loss of use of their technology products.
What Can Be Covered?
We do not have pre-determined triggers or perils outlined in our underwriting appetite for this type of business. Instead, we work with partners, insurers, and reinsurers to tailor the protection to the products they provide to their customers. For example, we can cover the cost of repair or replacement of a mobile phone in the event it is broken, unexpectedly stops working, or is stolen. The cause of the loss must be accidental and beyond the control of the insured individual. Typical coverage can include:
- Accidental damage to screens, or other hardware (property damage).
- Devices that unexpectedly stop working without having suffered any visible physical damage (extended warranty / mechanical breakdown).
Policy Limits We Can Offer
- MIC typically offers a claim limit of up to USD $5,000 per covered item. This can be increased depending on the type of item being covered, coverage required, and scale of the program.
- We work with our partners, brokers, and insurers to tailor our limits specifically to each program.
- MIC requires that data on program enrolments, premiums, and claims be provided by partners on a monthly basis with insurers/brokers being able to provide data using Application Programming Interface (API) within 90 days of a program incepting.
- MIC will work with your partners, brokers, and insurers to put in place API connections for the seamless and real-time sharing of data between parties on the program.
- MIC, working with our partners, may seek integration with apps and webpages for the purpose of monitoring and validating claims, performing diagnostics and assessment of customer property and manage risk.
- MIC has the ability to review program pricing, terms, and conditions in collaboration with the partner, broker, and insurer (on new risks that are covered by the program) if the loss ratio (i.e. claims/premium) is above 65%.
Minimum Annual Program Premium
- MIC has a minimum annual premium on each program of 240,000 USD / CAD / GBP / EUR.
What Is Typically Not Covered?
We work with our partners, insurers, and reinsurers to create products that add value to all parties, with typical coverage exclusions being:
- Intentional damage and/or careless use of the covered item that increases the risk of a claim.
- Normal wear and tear and cosmetic damage that does not impact the covered item’s functionality.
- Any fraud or misrepresentation by the insured.
- Loss due to software, hacking, ransomware, data corruption, spyware, breach of digital security tools, or other cyber causes.
- Losses due to war, terrorism, strikes, or civil unrest.
- Losses due to nuclear, chemical, biological, radiation, pollution, and pandemic events.
MIC Risk Carrying Entities
- MIC Global Syndicate 5183 is a Lloyd’s of London Syndicate managed by Asta Managing Agency Limited and can do business in territories where Lloyd’s is licensed to write (re)insurance.
- Micro Insurance Company regulated by the Anguilla Financial Services Commission.
This is an indicative product summary. Policy triggers, coverage, and exclusions will need to be tailored for each specific opportunity.
MicroEnsure (UK) Limited is an appointed representative of Asta Managing Agency Ltd which is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Micro Insurance Company is regulated and authorised by the Anguilla Financial Services Commission.
Please note that any information in this product summary is for general information purposes only and is targeted at large sophisticated (re)insurance buyers, regulated (re)insurance distributors, and regulated (re)insurers.
Our products are subject to eligibility requirements, exclusions, limitations, and other terms and conditions. Please refer to your policy documentation for full details.
The content of this page does not constitute advice or a recommendation to purchase any product. You should seek professional advice before making any decisions based on the information provided. STP Group Holdings LLC, MicroEnsure (UK) Limited, Asta Managing Agency Limited, Micro Insurance Company, and their subsidiary and affiliated companies are not responsible for any losses that may arise from reliance on the information provided in this product summary.
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