Aon Risk Solutions, the global risk management business of Aon Corporation, has established a new insurance facility to offer replacement coverage to US companies that suffered flood-related claims.
Dubbed Flood Secure, the facility is designed to provide coverage for future flood events to the organizations who have already exhausted aggregated flood limits on their property policy.
Aon Risk Solutions’ US Property Practice chief broking officer Rick Miller said the facility will offer coverage for all flood zones backed by the security and stability of Lloyd’s of London.
”While organizations may be unsure how their insurance flood limits will be impacted at this time, the facility is here to help ease that concern and provide another option for future coverage," Miller added.
The coverage will provide immediate renewal of a customer’s impaired flood limit, which includes high hazard flood zones, for up to $25m for any one occurrence/reinstatement term aggregate limit of liability.
Flood Secure will also offer pro-rata pricing for less than one year reinstated limits and terms for major commercial property programs, which are scheduled to be renewed between January and June 2013.
The facility is not intended as a replacement for National Flood Insurance Program coverage, according to the company.