AmWINS Group, Inc., in conjunction with its recent acquisition of The Flood Insurance Agency (TFIA), has launched FloodFLEX, a new commercial property flood product designed to eliminate out-of-pocket expenses not covered by traditional flood insurance.
FloodFLEX is a policy endorsement that increases the loss payable under “Coverage A – Building Coverage” of a commercial flood policy from 10 percent to up to 100 percent. The enhancement allows an insured to select the percentage of additional coverage for a single additional premium payment.
An insured with a FloodFLEX policy will receive two payments in the case of covered flood damage to a building:
- One payment for the covered flood loss; and
- A second FloodFLEX payment equal to the selected percentage of the covered flood loss
According to Evan Hecht, CEO of The Flood Insurance Agency, FloodFLEX payments may be used by an insured for any purpose, ranging from lost income and depreciation to evacuation expenses for assisted living facilities and extended loss of revenue resulting from community blight.
Coverage highlights include:
- First dollar primary building/contents coverage available up to $10 million for properties located in A, X, and V zones, including almost all coastal properties
- $5000, $50,000, $100,000, $250,000, and $500,000 deductible options
- A rate-lock feature, which provides an insured with options to lock in pricing for up to three years, regardless of losses incurred during that time
- Policies that are certified lender compliant, ensuring that policies will be accepted by all federally-backed banks and lenders
AmWINS and TFIA have partnered with an A-rated carrier to offer this product, which is available in 49 states.
FloodFLEX is exclusively available through AmWINS.
AmWINS Group, Inc. is an independent wholesale distributor of specialty insurance products serving retail insurance agents by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 115 offices globally and handles premium placements in excess of $16 billion dollars annually.
The Flood Insurance Agency (TFIA), an AmWINS Group company, is Florida-based managing general agency that specializes in private market flood insurance. Now operating as a program administrator for Lexington Insurance Company, TFIA provides access to private market flood insurance as an alternative to the National Flood Insurance Program. The private flood insurance program now insures over $4.5 billion of property spread over 25,000 risks and has registered over 3000 independent agencies in 37 states to market the program.
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