Hiscox offers US commercial flood policy

Hiscox Ltd. has launched a new product to cover U.S. commercial flood risks.

The new FloodPlus Commercial policy is designed to provide small to medium-sized businesses with a flood insurance product that offers wider coverage and higher limits than cover currently available under the federal National Flood Insurance Program, Hamilton, Bermuda-based Hiscox said Wednesday in a statement.

FloodPlus Commercial offers higher limits of $2.5 million compared to the NFIP’s $1 million and includes cover for business interruption, according to the statement. It also delivers an online buying process based on a short underwriting questionnaire, allowing customers to get a price and bind a policy within minutes. Previously, businesses with multiple properties would undergo a lengthy administration process for each location, Hiscox added.