View this article online: https://www.insurancejournal.com/news/national/2020/11/23/591268.htm
Torrent Technologies, a flood insurance technology and servicing company and part of Marsh, has formed an agreement with Palomar Specialty Insurance Co. to provide Torrent’s Write-Your-Own (WYO) carrier clients and their agents new, admitted private flood insurance options.
Under the agreement, Palomar’s admitted, residential flood insurance program, Flood Guard, will be integrated onto Torrent’s flood processing platform, giving agents of WYO carriers that opt-in additional options for their customers’ flood risk needs.
Flood Guard will be the first admitted, private flood insurance option on the TorrentFlood platform. This will enable agents to sell National Flood Insurance Program policies as well as quote, bind, and issue in real-time a curated list of private flood insurance options.
Admitted policies are regulated by states and backed by state guarantee funds, providing policyholders additional protection in the event of carrier insolvency.
With annual premiums starting at $200, Flood Guard is available on an admitted basis in the following 11 states: Ariz., Calif., Hawaii, Ill., Ind., Nev., Okla., Ore., Pa., S.C., and Utah, with additional states forthcoming. Homeowners can purchase up to $5 million in dwelling, $1 million in personal property, and $50,000 in loss of use coverage on either a primary or excess basis.
Flood Guard is expected to be fully integrated onto TorrentFlood in the first quarter of 2021.
Marsh is a global insurance broker and risk advisor with over 35,000 colleagues operating in more than 130 countries. It serves commercial and individual clients and is a business of Marsh & McLennan Companies.