The U.S branch of global reinsurance firm Munich Re is to offer inland personal lines flood coverage to its insurance carriers and agency partners that use BriteCore, a web-based insurance administration platform.
The endorsement from Munich Re America is available to homeowners who live outside of a Special Flood Hazard Area (SFHA) and protects homes and personal property.
The BriteCore policy administration system will indicate if a policyholder’s home is located in a SFHA based on its address.
If a home is not in a SFHA, agents will automatically be offered the opportunity to select Munich Re America’s personal lines flood endorsement as they build an insurance program for their personal lines clients.
“Many people don’t realize that their homeowners insurance policy typically excludes flood damage,” said Sanjay Mehrotra, Strategic Product Operations Manager, Munich Re America.
“If the property is located outside of a Special Flood Hazard Area (SFHA) or 100 year flood plain, flood risk may not even be top-of-mind for many people.”
“Partnering with BriteCore, we’ve made it easy for insurance carriers to offer a personal lines flood endorsement to their customers.”
Munich Re America’s personal lines inland flood endorsement is already available through participating insurance carriers throughout the U.S.
“BriteCore worked with the Munich Re America team to make this a seamless process for carriers that access our policy administration system,” added Rob Ogle, BriteCore Vice President of Support Services.
“The BriteCore platform offers carriers real time information on pricing for the flood endorsement and provides the flexibility to view various deductible options as well.”
“It’s a win-win for carriers, their agents and policyholders seeking to protect their property from flood risk in a more comprehensive manner.”