Nuts & Bolts:
The private client group of American International Group has a product that adds flood coverage to certain homeowners’ policies. This move is aimed at properties located in low- to moderate-risk areas the government-designated B, C and X flood zones and is being launched initially in Colorado, Illinois and Massachusetts. Included in the coverage is payment for damage to basement finishes and settlement for losses on a replacement cost basis, and the new program allows for reimbursement of additional living expenses and responds to a single-location event. It will respond to damage caused by overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source and mudflow.
Dollars:
Premiums and deductibles are based on individual risk characteristics. Limits: $250,000 for dwelling and $100,000 for contents.
Carrier:
American International Insurance Company rated “A++” by A.M. Best, admitted.
States Available:
Colorado, Illinois and Massachusetts
Contact:
Keith Self, keith.self@aig.com.
Topics Flood
Was this article valuable?
Here are more articles you may enjoy.
Delta Probing Unauthorized Wi-Fi on Flight After Hacker Event 
Taylor Farms, Taco Bell Face Multiple Lawsuits Over Cyclospora Outbreak 
Renewal Changes for Most Commercial Lines Decrease in July and Q2, Says Ivans 
Can Reinsurers Maintain Underwriting Discipline or Will ‘Irrational’ Competition Return? From This Issue
