Torrent Technologies, Inc., a Marsh company, in coordination with Torrent’s Write-Your-Own (WYO) carriers participating in the National Flood Insurance Program (NFIP), has the availability of a new excess flood insurance option that combines coverage with real-time quoting and binding functionality.
Underwritten by Lloyd’s of London coverholder DUAL Commercial LLC, Torrent/DUAL Excess Flood provides up to $15 million in insurance protection above NFIP limits for residential and commercial property owners and up to $20 million in coverage for condominium owners. Limits are written on a per risk basis and can cover damage to buildings and contents. Other coverage options, including loss of income/rents and earthquake, are also available to policyholders.
Unlike other excess flood options that are manually underwritten, Torrent/DUAL Excess Flood is offered via Torrent’s state-of-the-art flood platform, allowing insurance agents to quote, bind, and issue policies in real time. The automated claims adjusting process is handled hand-in-hand with the NFIP claims review to enable consistency and promptness of recovery.
“The upcoming anniversary of Superstorm Sandy is a stark reminder of how a major storm can quickly erode flood coverage purchased through the NFIP, leaving home and business owners financially exposed to millions of dollars in losses,” said Ian Macartney, Marsh’s Flood Insurance Services Practice leader.
Under the NFIP, commercial property owners can purchase up to $500,000 in building and $500,000 in content coverage, while residential property owners can purchase up to $250,000 in building coverage and up to $100,000 in content coverage.
Torrent/DUAL Excess Flood is available in all 50 states.
Marsh is a global provider of insurance broking and risk management.
DUAL Commercial LLC is a leading Specialty Program Administrator offering property and casualty products through several specialized subsidiary companies. DUAL Commercial currently has 12 underwriting offices throughout North America that underwrite and manage unique insurance programs utilizing advanced technology and simplified distribution methods. DUAL Commercial is a part of the DUAL Group, which is an international underwriting agency and Lloyd’s largest international coverholder with offices in 13 countries.
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