Torrent Technologies, Inc., in coordination with Torrent’s Write-Your-Own (WYO) carriers participating in the National Flood Insurance Program (NFIP), has launched a new, automated private market primary flood insurance product. Torrent Technologies is a Marsh company.
Underwritten by the Lloyd’s of London coverholder DUAL Commercial LLC, the Torrent/DUAL Private Flood product comprises three separate primary flood policy options that mirror NFIP coverage features with up to $2 million in limits for residential and small commercial property owners available. Limits are written on a per risk basis and can cover damage to buildings and contents. Other options include coverage for condominiums, additional living expenses, increased cost of compliance (ICC), loss avoidance, and golf carts.
Torrent’s new primary flood product follows the launch of Torrent/DUAL Excess Flood, which provides up to $15 million in excess insurance protection for residential and commercial property owners and up to $20 million in coverage for condominium owners. The excess flood policy can sit above Torrent/DUAL Private Flood or NFIP Flood policy limits.
Like the excess flood and NFIP Flood policies, the Torrent/DUAL Private Flood product is offered via Torrent’s technology platform, allowing insurance agents to quote, bind, and issue policies in real time. Torrent integrated platform gives agents the ability to quote NFIP, private primary, and private excess flood policies with a single entry system.
Ian Macartney, Marsh’s Flood Insurance Services Practice leader, said Torrent/DUAL Private Flood gives the agents of its WYO company partners and their policyholders an alternative to the NFIP at a more affordable price.
Torrent/DUAL Private Flood coverage is available in all 50 states on a surplus lines basis.
DUAL Commercial LLC is a specialty program administrator offering property & casualty products through several specialized subsidiary companies. DUAL Commercial is a part of the DUAL Group, a Lloyd’s international coverholder.
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