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XINSURANCE: An Industry Innovator Covering the Niches & Gaps
When Rick Lindsey was a young insurance agent, he was frequently frustrated with the lack of flexibility and creativity in the insurance products he was able to sell, and the rigidity and risk-averse nature of the insurance companies he worked with.
“If you wanted to cover Evel Knievel jumping over the Snake River you had to call Lloyds of London,” he said. It also bothered him that companies were so quick to settle when facing possible lawsuits – even when they were in the right.
To focus more specifically on high-risk business, Lindsey formed XINSURANCE, which specializes in “TRU Umbrella” liability coverage for exclusions and gaps, offering products that independent agents can sell. XINSURANCE protects individuals and businesses with an additional layer of liability coverage to provide true peace of mind.
Today, XINSURANCE covers 700 risk classes and is adding more. The brokerage provides insurance solutions for sky-diving and parachuting, bungee jumping, avalanche control experts, rock climbing and river running, bounce houses, gymnastics and aerial arts, and heli-skiing. XINSURANCE can provide solutions just about anything – corn mazes, acro-yoga, guard dogs, circuses, exotic pets, taverns, dating websites, midwives, hot air balloons, water parks, drivers with DUIs, trampoline parks, concealed carry permit holders, and more.
A pet-loving homeowner might have a good overall liability policy, except that the policy won’t cover the owner’s pit bull, or the trampoline in the backyard. XINSURANCE will step in and fill those gaps, working with the homeowner’s existing insurance agent.
“If you like your insurance, keep your insurance,” says Lindsey. “But you’d be surprised what those policies don’t cover. We’ll fill those gaps seamlessly with your existing policy and agent.”
The question naturally arises: How can XINSURANCE cover these high-risk activities and remain profitable, while most companies avoid such coverage?
As in most instances of business excellence, said Lindsey, the answer is in hard work, attention to detail, getting the little things right, knowing the customer, and fighting for the customer.
XINSURANCE is successful because it develops close relationships with clients, understands its businesses, talks frequently, jumps immediately into action when something bad happens, and handles everything in-house, including attorneys, underwriting, claims, and risk management.
Lindsey is also unafraid to take on plaintiff attorneys and fight in court rather than quickly settle claims at the threat of a lawsuit. He believes the rush to settle produces more and more frivolous lawsuits and higher settlement demands by plaintiff lawyers.
As the insurance industry evolves and becomes even more risk-averse, Lindsey sees a bright future for his companies. Using a flexible, specialty approach, and by providing enhancement products and TRU Umbrella policies, Lindsey expects a doubling or tripling of business over the next decade.
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.