CatCoverage.com Offers Alternative to Federal Flood Insurance

March 11, 2010

The Natural Catastrophe Insurance Program (NCIP), available at www.CatCoverage.com, says it is providing an online alternative to the National Flood Insurance Program for agents, brokers and property owners.

This Web-based program offers primary layer insurance for the perils of landslides, floods, and earthquakes underwritten by underwriters at Lloyds.

CatCoverage.com says it also allows both residential and business property owners to secure flood earthquake and landslide coverage all under one insurance policy.

Coverage is available in 27 states via the Web site.

Poulton Associates, Inc. in Salt Lake City, Utah, which created and administers the program, promises that an insurance agent or broker can sign up and print a first policy in as little as 20 minutes if the risk is accepted by the underwriter.

According to Marissa Halverson, director of Wholesale Marketing at Poulton Associates, many insurance professionals and consumers continue to believe that the only place to secure flood insurance is through the NFIP.

CatCoverage.com customers can also select coverage enhancements not provided by the NFIP such as additional living expense for homeowners and business income, as well as extra expenses for business property owners.

It is estimated that only about 17 percent of Americans have a flood or catastrophe insurance policy and nearly one third mistakenly believe that a standard homeowners insurance policy covers flooding and other catastrophes such as earthquake and landslide.

Source: Poulton Associates