Torrent Technologies, a Marsh company, in coordination with Torrent’s Write-Your-Own (WYO) carriers participating in the National Flood Insurance Program (NFIP), announced today the availability of a new, automated private market primary flood insurance solution designed to be a cost-effective alternative to the NFIP.

Underwritten by the Lloyd’s of London coverholder DUAL Commercial LLC, the Torrent/DUAL Private Flood solution comprises three separate primary flood policy options that mirror NFIP coverage features with up to $2 million in limits for residential and small commercial property owners available.

Limits are written on a per risk basis and can cover damage to buildings and contents. Other options include coverage for condominiums, additional living expenses, increased cost of compliance (ICC), loss avoidance, and golf carts.

Torrent’s new primary flood solution comes on the heels of the launch of Torrent/DUAL Excess Flood, which provides up to $15 million in excess insurance protection for residential and commercial property owners and up to $20 million in coverage for condominium owners. The excess flood policy can sit above Torrent/DUAL Private Flood or NFIP Flood policy limits.

Like the Excess Flood and NFIP Flood policies, the Torrent/DUAL Private Flood solution is offered via Torrent’s state-of-the-art technology platform, allowing insurance agents to quote, bind, and issue policies in real time. Torrent offers the industry’s only integrated platform where agents can easily quote NFIP, private primary, and private excess flood policies with a single entry system.

"The NFIP plays a critical role in providing consumers with much needed flood coverage for what is the number one natural disaster risk in the US. For many policyholders, though, NFIP coverage is limited in scope and often cost prohibitive," said Ian Macartney, Marsh’s Flood Insurance Services Practice leader.

"With Torrent/DUAL Private Flood, we are giving the agents of our WYO company partners and their policyholders a quick and efficient alternative to the NFIP at a more affordable price."

Patrick Small, managing director of DUAL Specialty Property, added: "We are pleased to work with Torrent and its WYO companies in developing these private market flood solutions and to be able to offer them via the industry’s only integrated online platform that supports both government and private market flood solutions with real-time functionality."

Torrent/DUAL Private Flood coverage is available in all 50 states on a surplus lines basis.