The Chubb Group of Insurance Companies has begun to offer an admitted excess flood insurance product to homeowners policyholders who face either inland or coastal exposures in 15 jurisdictions, including California, Connecticut, Illinois, Florida, Maryland, Massachusetts, New Jersey, New York and Pennsylvania.
In April, Chubb had announced that it was writing a first-dollar, primary personal flood insurance policy. The primary coverage is now available in 20 jurisdictions. It provides substantially higher limits ($15 million for home and contents combined) and broader coverage than the National Flood Insurance Program (NFIP).
Chubb’s new excess flood policy does not follow the contract language of the NFIP policy to determine coverage. Instead, it provides a broader definition of the flood peril, replacement cost valuation for building and contents (versus depreciated value) and coverage for additional living expenses.
“We now are able to provide a large number of our homeowners customers with the strong financial protection they need from flood-related exposures,” said Peter Spicer, vice president, Chubb & Son, and new product manager, Chubb Personal Insurance. “Since flooding can happen virtually anywhere, we plan to continue to roll out both our primary and excess flood policies to other states during the coming year.”
Other jurisdictions in which the excess policy is currently available include the District of Columbia, Indiana, Michigan, Missouri, Virginia and Washington. The primary policy is available in Arizona, California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Indiana, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Utah, Virginia and Washington.
Admitted insurance policies are subject to state regulation. Prior to introducing its new primary and excess flood policies, Chubb only provided excess flood coverage to homeowners customers on a non-admitted basis.
Chubb-appointed agents and brokers can access the new flood insurance products through WNC First Insurance Services (www.wncfirst.com). The South Pasadena, Calif.-based enterprise has more than 30 years of experience managing both retail and wholesale flood insurance programs for several insurance companies.
Source: Chubb Group