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AmWINS Group Inc. has launched FloodFLEX, a new commercial property flood product, the specialty broker said in a statement Thursday.
FloodFLEX is designed to eliminate out-of-pocket expenses not covered by traditional flood insurance and is being launched in conjunction with AmWINS’ recent acquisition of The Flood Insurance Agency, the statement said.
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%, the statement said, adding the endorsement 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, the statement said.
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, which provides an insured with options to lock in pricing for up to three years regardless of losses incurred during that time; and policies that are certified lender compliant, ensuring that policies will be accepted by all federally backed banks and lenders.
AmWINS and The Flood Insurance Agency have partnered with A-rated insurer Lexington Insurance Co. to offer this product, available in 49 states, New York being the exception.
“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,” Evan Hecht, CEO of The Flood Insurance Agency, said in the statement.
Wholesale brokerage AmWINS Group Inc. on Monday said it has reached an agreement to acquire The Flood Insurance Agency, a program administrator for Lexington Insurance Co.