What is Monoline?
Monoline refers to an insurance policy or insurer that focuses on providing a single type of insurance coverage. Unlike multiline insurers, which offer various types of insurance policies (e.g., auto, home, and business), a monoline insurer specializes in one specific area, such as homeowners insurance, property insurance, or car insurance.
In the context of personal and business insurance, monoline policies allow customers to purchase coverage for specific needs without bundling other types of insurance. This can benefit individuals or businesses looking for specialized or tailored coverage in a particular area, such as property or liability insurance.
Monoline insurers are experts in their field, often offering more in-depth risk assessments, pricing, and claims handling for the type of insurance they provide. For example, a monoline car insurance policy would offer only automobile coverage without including other services like home or life insurance.
While monoline policies provide targeted protection, some customers may find it beneficial to bundle multiple insurance products with a multiline insurer to simplify their coverage.