Specialty managing general underwriter Risksmith Insurance Services announced the launch of its new difference in conditions (DIC) earthquake insurance program.
Built for large, complex and true excess & surplus property exposures, the program offers flexibility, deep technical expertise and underwriting appetite for risks that many markets routinely avoid – including older buildings, high liquefaction and tuck-under parking.
The new offering provides access to high limits, no TIV maximum, and flexible structure options including primary, quota share or excess placements. It is available for a wide variety of commercial property risk across major earthquake zones like California, the Pacific Northwest, New Madrid and all other U.S. states.
Risksmith’s DIC Earthquake program enables brokers and insureds to shape the coverage that fits their needs, offering:
- Earthquake, earth movement & earthquake sprinkler leakage coverage
- Carrier or manuscript EQ definition flexibility
- High limits up to $25M
- Large-risk capacity with no maximum TIV
The owner of a historic Minnesota resort has been charged with arson and insurance fraud more than a year after a fire destroyed the property.
Bryce Campbell, 41, of Two Harbors, Minnesota., was taken into custody last Wednesday in Southfield, Michigan for allegedly setting a fire on Feb. 6, 2024 that resulted in a total loss of the popular Lutsen Lodge. The lodge is located off Lake Superior in northwest Minnesota.
Campbell faces three felony counts of arson and one felony count of insurance fraud. He was in custody in Oakland County (Mich.) as of last Tuesday pending extradition to Minnesota.
The Minnesota Department of Public Safety’s Bureau of Criminal Apprehension (BCA) officially announced Campell’s arrest at a press conference on Dec. 4.
“This was a crime of selfishness. Bryce Campbell put his interests above the livelihood of his employees, the safety of the people that were in the building at the time, and the community that were there, and all of the Minnesotans that loved Lutsen Lodge for generations,” said BCA Superintendent Drew Evans.
A criminal complaint released Wednesday paints the picture of a resort owner in financial distress in the weeks and months leading up to the fire.
Campbell, a Canadian citizen, purchased Lutsen in August 2018 for $6.75 million. He later acquired another lodge, Superior Shores Resort, in January 2020 for $14.5 million.
Campbell increased Lutsen’s insurance policy through carrier Auto-Owners Insurance in the years preceding the fire, the complaint says. In August 2022, Campbell increased the policy for the 140-year-old property from $8.5 million to $11 million. In May 2023, the policy increased to $13 million.