Motus Insurance Overview
Motus Insurance Services is a wholesale insurance broker specializing in earthquake insurance for residential and commercial associations, including condominiums, townhomes, and other similar communities. They distinguish themselves through innovative catastrophic insurance solutions, particularly in earthquake coverage, working with top-rated insurance carriers such as Insurance Company of the West, Aegis Security Insurance Company, and Palomar Group, all boasting an "A- / Excellent" rating or higher from AM Best.
Overview
While the precise founding year isn't explicitly stated in readily available sources, Motus Insurance Services' establishment clearly aimed to meet the unique earthquake insurance needs of condominium owners and association boards. The company has demonstrably operated for several years, accumulating significant expertise within this niche market.
Key Milestones in the Company’s History and Growth
- Development of the Opt-In Master Earthquake Program: This program offers comprehensive earthquake insurance coverage tailored to the specific needs of condominium associations and boards. It facilitates custom-built insurance solutions encompassing coverage for damage to foundations, underground pipes, pools, common areas, residential buildings, and unit interiors.
- Partnerships with Top-Rated Insurers: Collaborations with highly-rated insurance providers like Insurance Company of the West, Aegis Security Insurance Company, and Palomar Group ensure access to robust and reliable coverage options.
Regulatory Compliance and Licenses
Motus Insurance Services holds a California license under the number 0L79634.
Insurance Products and Services
Main Insurance Products
- Types of Insurance Offered: Their primary focus lies on providing earthquake insurance for residential and commercial associations. This coverage extends to damages affecting foundations, underground pipes, pools, common areas, residential structures, and the interiors of individual units.
- Coverage Options and Policy Details: The Motus Opt-in Master Earthquake Program presents flexible coverage options ranging from $200,000 to $5,000,000, adapting to the unique needs of each association. This program safeguards the equity invested in homes and proactively demonstrates the board's commitment to fulfilling its responsibilities regarding earthquake insurance.
Additional Services
While their main offering centers on earthquake insurance, Motus may provide additional services, potentially including financial advisory or claims assistance, though this isn't explicitly confirmed in the available resources. Further investigation may be required to definitively verify the extent of these additional services.
Premiums and Pricing
Pricing Structure
- Overview of Premium Rates: Motus' earthquake insurance pricing hinges on the precise underwriting of a master policy. This approach typically leads to premiums significantly lower than alternative options, rendering it an affordable solution for associations.
- Comparative Analysis with Industry Averages: While a direct comparison to industry averages is absent from available sources, the claim of competitive premiums for superior coverage suggests a favorable pricing structure relative to the market.
Discounts and Special Offers
- Available Discounts: Specific discounts aren't explicitly detailed. However, the significant cost savings compared to other options could be interpreted as an implicit form of discount.
- Promotional Deals and Limited-Time Offers: No promotional deals or limited-time offers are mentioned in the accessible information.
Customer Service and Support
Contact Methods
- Available Customer Service Channels: Contact Motus via phone at 833.MOTUSINS (833.668.8746) or email at [email protected].
- Availability of 24/7 Support and Multilingual Assistance: The availability of 24/7 support and multilingual assistance is not explicitly stated.
Pros and Cons of Motus Insurance
Pros
- Advantages: Key advantages include comprehensive coverage options, flexible pricing, and the capacity to secure and collateralize private loans if needed. The program also mitigates significant Directors and Officers (D&O) liability for association boards by providing documented evidence of earthquake insurance consideration.
- Comprehensive Coverage: The Motus program provides vital coverage protecting home equity, serving as a critical complement to a master policy.
Cons
Specific drawbacks are not detailed in available sources. However, potential downsides could include the complexity of the enrollment process or the potentially tight timeframe (30-45 days) given to unit owners to make enrollment decisions. Further research into customer experiences would be beneficial to ascertain actual cons.
Conclusion
Motus Insurance Services stands as a specialized wholesale insurance broker, focusing primarily on earthquake insurance for residential and commercial associations. The company provides comprehensive coverage options, flexible pricing, and potentially supplementary services like financial advisory and claims assistance. The Motus Opt-in Master Earthquake Program is designed to safeguard home equity and lessen the D&O liability exposure of association boards.
Condominium owners and association boards would likely reap the most significant benefits from Motus's offerings due to the tailored coverage and proactive approach to earthquake insurance.
Frequently Asked Questions about Motus Insurance
1. What types of insurance does Motus offer? Motus specializes in earthquake insurance for residential and commercial associations.
2. How does the enrollment process work? The enrollment process typically involves a 30-45 day period, often including webinars and potentially town halls to educate association members and address their questions.
3. What are the benefits of purchasing earthquake insurance through Motus? Key benefits comprise comprehensive coverage, flexible pricing, the ability to secure private loans, and reduced D&O liability for the board by demonstrating proactive earthquake insurance consideration.
4. Are there any specific carriers that back Motus’s insurance programs? Yes, Motus collaborates with top-rated carriers including Insurance Company of the West, Aegis Security Insurance Company, and Palomar Group, all rated "A- / Excellent" or higher by AM Best.
5. How does Motus’s pricing compare to industry averages? The pricing is typically significantly lower than alternative options for superior coverage, representing a cost-effective solution.
6. Are there any available discounts or special offers? Specific discounts aren't mentioned; however, the cost-effectiveness inherent in the program could be viewed as a form of discount.
7. What happens if the association doesn’t rebuild after an earthquake? In such situations, Motus provides cash payments, offering financial security to association members.
8. How does Motus’s program help with securing SBA disaster loans? Higher association member participation in full-coverage earthquake insurance improves the association's rebuilding capacity and speed, enhancing the chances of securing a Small Business Association (SBA) disaster loan up to $2,000,000, potentially saving over $1,500,000 in interest over 30 years.
References
[1] https://motusins.com/faqs/
[2] https://motusins.com
[3] https://www.dnb.com/business-directory/company-profiles.motus_insurance_services.827027372ef873440056e2e480edd354.html
[4] https://www.zoominfo.com/c/motus-insurance-services-llc/447785043
[5] https://www.cbinsights.com/company/motus-insurance-services
