FloodFLEX is Designed to Eliminate Out-of-Pocket Expenses Not
Covered by Traditional Flood Insurance
CHARLOTTE, N.C.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/insurance?src=hash” target=”_blank”gt;#insurancelt;/agt;–AmWINS Group, Inc. (“AmWINS”), a global distributor of specialty
insurance products and services, in conjunction with its recent
acquisition of The Flood Insurance Agency (“TFIA”), has launched
FloodFLEX, a new commercial property flood product designed to eliminate
out-of-pocket expenses not covered by traditional flood insurance.
FloodFLEX is an innovative 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.
An insured with a FloodFLEX policy will 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, Chief Executive Officer of The Flood Insurance Agency. “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
$10,000,000 for properties located in A, X, and V zones, including
almost all coastal properties - $5000, $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
AmWINS and TFIA have partnered with an A-rated carrier to offer this
product, which is available in 49 states.
FloodFLEX is exclusively available through AmWINS. For more information
about FloodFLEX, contact your AmWINS broker or underwriter.
About AmWINS Group, Inc.
AmWINS Group, Inc. is the largest independent wholesale distributor of
specialty insurance products in the United States, dedicated to serving
retail insurance agents by providing property and casualty products,
specialty group benefit products and administrative services. Based in
Charlotte, N.C., the company operates through more than 115 offices
globally and handles premium placements in excess of $16 billion dollars
annually. To learn more, visit www.amwins.com.
About The Flood Insurance Agency
The Flood Insurance Agency (TFIA), an AmWINS Group company, is
Florida-based managing general agency that specializes in private market
flood insurance. Established in 1984, TFIA specializes in the
distribution of private flood insurance throughout the United States.
For over 25 years, TFIA has been at the forefront of the flood insurance
industry. Now operating as a program administrator for Lexington
Insurance Company, TFIA provides access to private market flood
insurance as an alternative to the National Flood Insurance Program. The
private flood insurance program now insures over $4.5 billion of
property spread over 25,000 risks and has registered over 3000
independent agencies in 37 states to market the program. To learn more,
visit www.floodinsuranceagency.com
and www.privatemarketflood.com.
Contacts
Lisa Kuszmar
AmWINS Group, Inc.
704-749-2780
[email protected]
