Torrent Technologies – a Marsh company – has launched a new comprehensive private market primary flood insurance offering.
The new FloodPlus Commercial provides up to $2.5 million in flood coverage for small commercial property owners’ building, building personal property (BPP), and business interruption risks, a release said. The policy is underwritten by Hiscox through the managing general agent Johnson & Johnson.
It will be offered through Torrent’s technology platform, which allows insurance agents to quote, bind, and issue policies in real time. Notably the platform does not require elevation certificates to quote a policy, nor will it impose a 30-day waiting period before the policy gets bound. Torrent’s platform allows agents to easily quote National Flood Insurance Program (NFIP) policies through Write Your Own (WYO) policy carriers.
In addition, the platform also features a growing product offering of private primary and private excess flood policies – all accessible to insurance agents on a single entry system.
Kevin Tobin, CEO of Torrent, explained in a statement that while flood is one of the most destructive and common natural disasters, many small business owners do not insure against it. He suggests that it is partly because there is either a lack of coverage options specific to small enterprises, or because the business owners themselves do not understand that they are at risk.
“With FloodPlus Commercial, we are providing the agents of WYO carrier clients with a comprehensive private flood offering they can bring to small business owners across the US to help protect their properties and assets at an affordable price,” Tobin remarked.
