What Should I Know About Transverse?

We're excited to announce that Openly has begun conducting business with a new fronting partner: Transverse Insurance Company, NAIC number 21075, an AM Best A (Excellent) rated carrier. 

Backed by MS&AD, a global insurer with an A+ (Superior) AM Best rating, Transverse will enable Openly to expand into new states and quickly adapt to evolving market dynamics, setting us up for future success. 

With this new partnership, policies underwritten by Transverse Insurance Company will begin with TCPN.

In which states does Openly write with Transverse Insurance Company?

Wisconsin

On April 1, 2024, new homeowners policies in Wisconsin transitioned to carrier partner, Transverse. On May 6, 2024, existing policies written with Rock Ridge will receive a new policy offering at the policy expiration date with Transverse. The coverage will remain the same. 

Current policyholders will be notified twice about the transition to Transverse: first, 60 days before their new policy offering effective date, and again, 30 days before the new policy offering effective date. These notifications will be sent via mail or email based on the policyholder's pre-selected preference and will also provide instructions on the various payment methods available. (To view the letters, right-click and choose Open Image in New Tab.)

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60-Day Letter 30-Day Letter

 

Agencies or agents looking to conduct business with Openly in Wisconsin must be appointed with the Wisconsin Department of Insurance (DOI). Due to this, agency admins cannot add Transverse states as authorized states to their producers' user accounts in the Portal

Openly’s Business Development Team is ready and willing to assist you and your agency in ensuring a smooth onboarding process. For more information, see our article, What's the Onboarding Process for Future Transverse States?

Connecticut

On May 2, 2024, Openly launched in Connecticut with MS Transverse Insurance Company. Below are several state-specific policy details to be aware of.

  • $6 million Total Insured Value (TIV), which you can read more about in our article, What is Total Insured Value (TIV)?
  • A policyholder or agent can contact us to choose to insure a dwelling at a 50% Replacement Cost Estimate (RCE). This option will remove the $5 million Guaranteed Replacement Cost (GRC) and does not provide Replacement Cost Coverage (RCC) for Coverage A, Coverage B, or Coverage C. Coverage C will be settled at Actual Cash Value (ACV) and there is not an option to purchase RCC. For more information, read our Replacement Cost Estimate, Main Dwelling (Coverage A), and Guaranteed Replacement Cost articles.
  • Multi-family main dwellings are allowed, housing 2-4 families (subject to eligibility).
  • The Healthy Home Fund Surcharge of $12 a year. This state-required surcharge goes toward the Connecticut Healthy Homes Fund, established to raise up to $100 million to assist homeowners impacted by crumbling foundations in northeastern portions of the state. This surcharge is not factored into the policy premium and applies to policies on residential dwellings possessing four units or less.
  • Mandatory flood coverage for coastal homes with minimum hurricane deductibles. Proof of coverage from another carrier must also be uploaded to the policy after binding. To learn how to upload required documents to the Portal, see How Do I Upload a Required Document?
  • A third-party designation form is used when adding Additional Interest parties to the policy for cancelation and non-renewal notifications. Once filled out, the form must be uploaded to the policy. To find out how to add a party to an issued policy and download a copy of the form, see our article How Do I Update Parties on an Issued Policy?
Pennsylvania

On June 3, 2024, Openly began quoting all new business in Pennsylvania with a new fronting carrier partner, MS Transverse Insurance Company. You can continue to expect excellent comprehensive coverage with the following changes in Pennsylvania moving forward:

  • Minimum Deductibles: For new business quoted after June 3, the following new minimum deductibles are in effect:
    • $2,500 on policies with an RCE less than $1M
    • $5,000 on policies with an RCE over $1M

  • Wind/Hail Roof Coverage: A roof payment schedule will apply to roofs 15 years and older resulting from a covered loss. The schedule uses roof material and age to determine the replacement cost percentage paid. Roofs 14 years and newer are still eligible for replacement cost coverage.

Eligible quotes completed before June 3 using Rock Ridge Insurance Company will still be bound with Rock Ridge until the quote expires. If the quote expires, it will need to be requoted and MS Transverse will be used.

All new policies with MS Transverse require a signed application returned within 10 days of the policy effective date. Openly will send the policyholder a cancellation letter with 30 days notice if not received.

For instructions on generating an electronic application, or uploading an application with a wet signature, view this Openly Help article.

Anticipated in the coming months, Openly will offer qualifying Pennsylvania policies, expiring with Rock Ridge Insurance Company, a new policy with MS Transverse. We will confirm this date and provide additional information shortly.

Virginia
On July 1, 2024, Openly launched in Virginia with MS Transverse Insurance Company. Below are several state-specific policy details to be aware of. Read here for state disclosures.

  • An exotic animal may be owned, and coverage placed with Openly. See our article, Is Openly OK With Horses and / or Other Animals?, for further information.
  • Roof Settlement will be Replacement Cost exclusively. Read more about Roof Settlement here.
  • Home-sharing will be unavailable on the HO-3.
  • We will offer a Windstorm Mitigation Discount. Read more about Windstorm Mitigation here.
  • There are state-required minimum coverages based on the Replacement Cost Estimate (RCE). Coverage B will be 10%, Coverage C will be 50%, and Coverage D will be 20%. These will be shown as the lowest options on the coverage sliders.
  • The Wind / Hail deductible will be initially the same as the Hurricane deductible when quoting. and both may be subject to a minimum deductible ($5,000 or $10,000, depending on the coastal zone). Read more about the Wind / Hail deductible here and about the Hurricane deductible here.
  • The Standard Perils, Wind / Hail, and Hurricane deductibles cannot exceed 10% of the Replacement Cost Estimate (RCE).
  • All new policies with MS Transverse require a signed application returned within 10 days of the policy's effective date. Openly will send the policyholder a cancellation letter with 30 days notice if not received. For instructions on generating an electronic application or uploading an application with a wet signature, view this Openly Help article.
  • Insurance applicants who do not qualify for coverage with Openly can send a written request for the specific reason and supporting information. They can also request access to, or correction, amendment, or deletion of their information and details about the information sources. See our article, Why Does My Quote Say “Does Not Qualify?” for further information.

In the coming months, Openly will launch Transverse in additional states. We will continue to update you with details.

Contact us via our webform or Live Chat for further help or questions.

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