Philadelphia Insurance Cos. (PHLY) is now offering commercial excess flood coverage to complement its commercial primary flood product. PHLY’s new excess coverage competitively priced and available at limits higher than the National Flood Insurance Program (NFIP) for businesses.
Through PHLY’s new excess coverage, businesses have the option to self-insure primary limits and the ability to schedule multiple building locations on one policy if the buildings are in the same state. Risks with prior flood losses are eligible for coverage depending on the amount of loss. Acceptable occupancies include office buildings, churches, hotels, apartments, restaurants, shopping centers, light manufacturing, municipalities, and buildings with replacement value under $25 million.
PHLY’s flood coverages are written by Tokio Marine Specialty Insurance Co., a subsidiary of Philadelphia Consolidated Holding Corp., and the program is underwritten by managing general agent WNC Insurance Services, Inc. Tokio Marine Specialty Insurance Co. is an authorized excess and surplus lines insurance carrier in all states and D.C. Tokio Marine Specialty Insurance Co. is not licensed or admitted in any jurisdiction except Delaware where it is a domestic insurer licensed to write surplus lines. This product is unavailable except through a licensed surplus lines broker. Surplus lines companies do not participate in state guaranty funds in any jurisdiction, except New Jersey, and thus, surplus lines insureds are not protected by those funds.
Philadelphia Insurance Cos. designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value-added coverages and services for select industries.