AmWINS Group in conjunction with its recent acquisition of The Flood Insurance Agency (TFIA), has launched FloodFLEX, a new commercial property flood product designed to eliminate out-of-pocket expenses not covered by traditional flood insurance.
FloodFLEX is an innovative endorsement that increases the loss payable under “Coverage A – Building Coverage” of a commercial flood policy from 10 percent to up to 100 percent. The enhancement allows an insured to select the percentage of additional coverage for a single additional premium payment.
An insured with a FloodFLEX policy will receive two payments in the case of covered flood damage to a building:
One payment for the covered flood loss; 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.”
Coverage highlights include:
First dollar primary building/contents coverage available up to $10,000,000 for properties located in A, X, and V zones, including almost all coastal properties
$5000, $50,000, $100,000, $250,000, and $500,000 deductible options
A rate-lock feature, which provides an insured with options to lock in pricing for up to three years, regardless of losses incurred during that time
Policies that are certified lender compliant, ensuring that policies will be accepted by all federally-backed banks and lenders
AmWINS and TFIA have partnered with an A-rated carrier to offer this product, which is available in 49 states.
FloodFLEX is exclusively available through AmWINS. For more information about FloodFLEX, contact your AmWINS broker or underwriter.
Source: Company Press Release