Torrent Technologies, a Marsh company, has announced the launch of FloodPlus Commercial, a new private market primary flood insurance offering for agents of its Write Your Own (WYO) carrier clients.
FloodPlus commercial provides up to $2.5 million in flood coverage for small commercial property owners’ building, building personal property (BPP), and business interruption risks.
It is underwritten by Bermuda-based re/insurer Hiscox through Johnson & Johnson, Inc., a Mount Pleasant, South Carolina-based managing general agent.
The offering will be made available via Torrent’s technology platform, and does not require elevation certificates or a 30-day waiting period, which will allow insurance agents to quote, bind and issue policies in real time.
Torrent’s platform allows agents to quote National Flood Insurance Program (NFIP) policies via WYO carriers, along with a product offering of private primary and private excess flood policies on a single entry system.
“Flood is one of the most destructive and most common natural disasters, yet many small business owners do not insure against it, in part due to lack of coverage options or because they do not understand they are at risk,” said Kevin Tobin, CEO of Torrent.
He continued: “With FloodPlus Commercial, we are providing the agents of WYO carrier clients with a comprehensive private flood offering they can bring to small business owners across the US to help protect their properties and assets at an affordable price.”