Securian Casualty Company has filed a new Limited Physical Damage insurance program in Texas, marking its initial entry into the product line within the state. The program is designed to provide coverage on collateral securing loans issued through financial institutions, where the premium is financed by the lender.

The program offers benefits equal to the lesser of the repair or replacement cost, remaining loan balance, or the policy’s limit of liability—capped at $25,000 per item. The rate structure is identical to that of Lyndon Southern Insurance Company, previously approved in 2019, and includes a detailed base rate schedule by loan term and amount financed.

The program also includes up to 25% rate modifications based on underwriting factors such as internal controls, loan portfolio composition, and financial performance metrics. Premiums are based on the gross unpaid balance or actual cash value, with pro rata refunds for most cancellations and no refunds for total losses.

As this is a new program for Securian in Texas, there is no premium or policyholder impact associated with the filing. The company received prior approval of these rates and forms in its domicile state of Minnesota. The filing is pending regulatory approval.