AmWINS Group, Inc., following its recent acquisition of The Flood Insurance Agency (“TFIA”), has launched FloodFLEX, a new commercial property flood insurance product AmWINS said it designed to eliminate out-of-pocket expenses not covered by traditional flood insurance.
FloodFLEX is an 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, AmWINS said in a statement.
The company added that an insured with a FloodFLEX policy would 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.
“After the devastating hurricanes in the past two years and the extensive flooding that ensued, it became clear that there was a need for a new product that provided coverage for many of the unexpected expenses that insureds face in the aftermath of a flood,” said Evan Hecht, TFIA's chief executive officer. “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.”
According to AmWINS, coverage highlights include:
- First dollar primary building/contents coverage available up to $10,000,000 for properties located in A, X, and V zones, including almost all coastal properties
- $5,000, $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
Learn more: www.amwins.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].