ISO, a Verisk Analytics business, has announced a new commercial flood insurance program that provides insurers with the ability to set their own limits and offer additional protection for risks not covered by the National Flood Insurance Program (NFIP).
ISO has announced that the new insurance program enables insurers to provide additional protection for certain types of property damage to basements, business interruption, and also costs to comply with changes to building codes, all of which are exposures that aren’t typically covered by the NFIP.
Maroun Mourad, President of Commercial lines, ISO, said; “Recovering from a flood can be a major challenge for businesses because expenses can quickly escalate out of control. But underwriting commercial flood coverage is still new to many insurers, and they don’t have the tools needed to cover and price the wide range of risks that businesses face.
“Our new program can help insurers address complex coverage needs and achieve profitable growth in commercial flood insurance.”
The new program provides insurance firms with the ability to offer a primary flood policy, or a primary flood policy that provides coverage “that is excess of the NFIP,” explains ISO.
The firm also announced that later in 2017 it plans to launch a similar solution for the personal property sector.
“The market for property insurance generally is highly competitive, and with an increased awareness of the potentially disastrous effects from the peril of flood, insurers will have the tools to offer more robust protections to their policyholders,” continued Mourad.