Chubb Introduces New Flood Product in Texas
The Chubb Group of Insurance Companies announced it has introduced its admitted excess flood insurance policy in Texas. With the inclusion of Texas, Chubb has launched its flood insurance products in 27 states and the District of Columbia as part of a nationwide rollout.
Other launches of Chubb's primary and/or excess flood products occurred in California, Connecticut, Florida, Illinois, Massachusetts, New Jersey, New York, North Carolina, Oklahoma, South Carolina, Virginia and Washington.
Chubb said its primary flood insurance policy provides substantially higher limits ($15 million for home and contents combined) and much broader coverage than the National Flood Insurance Program (NFIP).
Chubb also offers an admitted excess flood policy in many states. Chubb's 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.
Other jurisdictions in which Chubb's flood products are available include Arizona, Colorado, Delaware, Idaho, Indiana, Maine, Maryland, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, Rhode Island and Utah.
Chubb-appointed agents and brokers can access the new flood insurance products through WNC First Insurance Services (www.wncfirst.com).
Source: Chubb
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