AmWINS Group, in conjunction with its recent acquisition of The Flood Insurance Agency (TFIA), has launched a new commercial property flood product 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% to up to 100%, according to AmWINS. It allows the 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 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, CEO of TFIA. “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.
- $5,000, $50,000, $100,000, $250,000, and $500,000 deductible options.
- A rate-lock feature that allows insureds to lock in pricing for up to three years, regardless of losses incurred during that time.
FloodFLEX is available exclusively through AmWINS.