Marsh’s Torrent Technologies Launches New Excess Flood Policy
September 10 2015 - 9:00AM
Business Wire
Automated Solution Combines Broad Coverage with
Real-Time Quoting and Binding
Torrent Technologies, Inc., a Marsh company, in coordination
with Torrent’s Write-Your-Own (WYO) carriers participating in the
National Flood Insurance Program (NFIP), announce today the
availability of a new excess flood insurance solution that combines
broad coverage with real-time quoting and binding
functionality.
Underwritten by Lloyd’s of London coverholder DUAL Commercial
LLC, Torrent/DUAL Excess Flood provides up to $15 million in
insurance protection above NFIP limits for residential and
commercial property owners and up to $20 million in coverage for
condominium owners. Limits are written on a per risk basis and can
cover damage to buildings and contents. Other coverage options,
including loss of income/rents and earthquake, are also available
to policyholders.
Unlike other excess flood options that are manually
underwritten, Torrent/DUAL Excess Flood is offered via Torrent’s
state-of-the-art flood platform, allowing insurance agents to
quote, bind, and issue policies in real time. The automated claims
adjusting process is handled hand-in-hand with the NFIP claims
review to enable consistency and promptness of recovery.
“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,” said Ian
Macartney, Marsh’s Flood Insurance Services Practice leader. “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.”
Patrick Small, managing director of DUAL Specialty Property,
added: “Flooding is the number one natural disaster in the US,
causing billions of dollars in damage to hundreds of thousands of
businesses and homes annually. We are pleased to work with Torrent
and its WYO carriers to offer additional capacity to property
owners seeking a more comprehensive solution in conjunction with
the NFIP.”
Under the NFIP, commercial property owners can purchase up to
$500,000 in building and $500,000 in content coverage, while
residential property owners can purchase up to $250,000 in building
coverage and up to $100,000 in content coverage.
Torrent/DUAL Excess Flood is available in all 50 states.
About Marsh
Marsh is a global leader in insurance broking and risk
management. Marsh helps clients succeed by defining, designing, and
delivering innovative industry-specific solutions that help them
effectively manage risk. Marsh’s approximately 27,000 colleagues
work together to serve clients in more than 130 countries. Marsh is
a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:
MMC), a global professional services firm offering clients advice
and solutions in the areas of risk, strategy, and people. With
57,000 colleagues worldwide and annual revenue exceeding US$13
billion, Marsh & McLennan Companies is also the parent company
of Guy Carpenter, a leader in providing risk and reinsurance
intermediary services; Mercer, a leader in talent, health,
retirement, and investment consulting; and Oliver Wyman, a leader
in management consulting. Follow Marsh on Twitter @MarshGlobal, or
on LinkedIn, Facebook and YouTube.
About DUAL Commercial
DUAL Commercial LLC is a leading Specialty Program Administrator
offering property and casualty products through several specialized
subsidiary companies. DUAL Commercial currently has 12 underwriting
offices throughout North America that underwrite and manage
unique insurance programs utilizing advanced technology and
simplified distribution methods. DUAL Commercial is a part of the
DUAL Group, which is the world’s largest international underwriting
agency and Lloyd’s largest international coverholder with offices
in 13 countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20150910005193/en/
MarshSally Roberts, +1
303-952-9453sally.roberts@marsh.comorLee Ann Farwell, +1
212-345-1125leeann.farwell@marsh.com
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