Marsh unit launches excess flood policy
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Torrent Technologies Inc., a Marsh company, on Thursday said it has launched an excess flood insurance policy in cooperation with Torrent's Write-Your-Own insurers participating in the National Flood Insurance Program.
The policy, Torrent/DUAL Excess Flood, is underwritten by Lloyd's of London coverholder DUAL Commercial L.L.C. The policy provides up to $15 million in insurance protection above National Flood Insurance Program limits for residential and commercial property owners, and up to $20 million in coverage for condominium owners, Marsh said in a statement.
Torrent/DUAL Excess Flood is an alternative to other excess flood options that are manually underwritten. It is offered through Torrent's flood platform and allows insurance agents to quote and bind policies in real time, according to the statement.
“The upcoming anniversary of Superstorm Sandy is a stark reminder of how a major storm can quickly erode flood coverage purchased through the NFIP, leaving home and business owners financially exposed to millions of dollars in losses,” Ian Macartney, Marsh's flood insurance services practice leader, said in the statement. “With Torrent/DUAL Excess Flood coverage, Torrent's WYO carriers and insurance agents can offer their NFIP clients a comprehensive excess flood insurance solution, giving them peace of mind quickly and efficiently.”
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