Specialist insurer Hiscox has announced the launch of a new product for US commercial flood risks. FloodPlus Commercial provides small- to medium-sized businesses with flood insurance that offers wider coverage and higher limits than currently available under the National Flood Insurance Program (NFIP).
FloodPlus Commercial is available to businesses through Hiscox’s US coverholders. It offers limits of $2.5 million (compared to $1 million offered by the NFIP) and includes cover for business interruption. The product delivers an easy online buying process based on a short questionnaire, allowing customers to get a price and bind a policy within minutes, Hiscox said. Previously, businesses with multiple properties would also have to undergo an administration process for each location. FloodPlus Commercial can streamline those policies into one, Hiscox said.
“Through our experience of launching FloodPlus into the residential market, we know that there is a strong demand for flood cover which offers wider and more extensive coverage,” said Daniel Alpay, flood line underwriter for Hiscox London Market. “Small- to medium-sized businesses in the US have little choice when it comes to flood protection, and the introduction of FloodPlus Commercial provides an attractive alternative.”
“We are very excited about the launch of FloodPlus Commercial,” said Fran Johnson Jr., vice president of flood insurance at insurance agency Johnson & Johnson. “The efficiencies in the quoting/binding process and coverage enhancements make it the obvious market leader for primary coverage in the commercial space. This product will allow us to continue to deliver the most forward-thinking and innovative flood solutions in the market.”
