Global specialty insurance provider AmWINS has launched a new commercial property flood product in conjunction with its recent acquisition of Florida-based MGA The Flood Insurance Agency (TFIA).
The new product, called FloodFLEX, is designed to eliminate out-of-pocket expenses not covered by traditional flood insurance, AmWINS explained.
FloodFLEX increases the loss payable under ‘Coverage A – Building Coverage’ of a commercial flood policy from 10% to up to 100%, allowing an insured to select the percentage of additional coverage for a single additional premium payment.
This means a policyholder will receive one payment for the covered flood loss in the event of damage to a building, and a second FloodFLEX payment equal to the selected percentage of the covered flood loss.
“After the devastating hurricanes in the past two years and the extensive flooding that ensued, it became clear that there was a need for a new product that provided coverage for many of the unexpected expenses that insureds face in the aftermath of a flood,” said Evan Hecht, Chief Executive Officer of The Flood Insurance Agency.
“FloodFLEX payments may be used by an insured for any purpose, ranging from lost income and depreciation to evacuation expenses for assisted living facilities and extended loss of revenue resulting from community blight,” he continued.
Under the FloodFLEX coverage, first dollar primary building/contents coverage will be available up to $10 million for properties located in A, X, and V zones, including all coastal properties.
It will also include deductible options up to $500,000 and a feature that allows insureds to lock in pricing for up to three years, regardless of losses incurred during that time.
AmWINS and TFIA have partnered with an A-rated carrier to offer this product, which is available in 49 states.