Markets/Coverages: Descartes Expands US Parametric Flood Cover for Businesses; EverPeak Takes Workers Comp Product to 11 New States

Descartes Expands US Parametric Flood Cover for Businesses

Parametric insurance company Descartes Underwriting has a new flood insurance product it said delivers better protection for US businesses, investors, and homeowners associations.

Any type of business and industry class may be covered. Limits of up to $70 million are available.

The Flood-at-Location policy is customizable and backed by research in flood modeling and advanced sensor systems. No direct physical damage is required to trigger a payout. The product covers any economic losses resulting from fluvial (river), pluvial (rainfall) and coastal flooding. The flood depth is measured precisely by on-site sensors, in real-time.

The claim is assessed based on the flood depth data and the client’s payout structure, resulting in almost immediate indemnification without adjusters or investigations. Payment is usually received by the insured within days, Descartes said.

Any economic loss sustained is insured, including property damage, business interruption, and extra expenses. That means, for example, the flooding of a service road which prevents customer access is now an insurable risk. Most importantly, companies with high historical flood losses–oftentimes facing the toughest renewal conditions–can access an insurance solution.

Flood-at-Location from Descartes provides coverage for risks the National Flood Insurance Program (NFIP) excludes and the product can be designed to respond in excess of NFIP’s $500,000 limit, with a cost-efficient structure.

Coverage is offered for one or more locations, and with flexible durations to match project lengths or client preferences, including multiple years.

Policies are available in the surplus lines market in all 50 states.

EverPeak Launches in 11 New States

EverPeak Insurance, a workers’ compensation insurance provider, announced it has launched in new states including Alabama, Florida, Illinois, Indiana, Maryland, Michigan, Missouri, Mississippi, Oklahoma, Pennsylvania, and Virginia. For insurance agents and brokers, this expansion provides a powerful new tool to place coverage for small to medium-sized businesses, especially those in traditionally hard-to-place industries.

EverPeak is now available in 16 states. By providing accessible workers’ compensation insurance, EverPeak is built for small- to medium-sized businesses and welcomes established and new ventures.

EverPeak has enabled workers’ compensation policies for more than 5,300 businesses. The product is available exclusively on Attune. With over 345 straight-through class codes, agents can quickly generate quotes and bind policies on the Attune platform in seconds, all backed by A-rated underwriting companies.

Topics USA Workers' Compensation Flood