Marsh’s Torrent Technologies Launches Private Flood Coverage for Residential and Small Commercial Property Owners
May 12 2016 - 9:00AM
Business Wire
Automated Solution Provides Cost-Effective
Alternative to NFIP
Torrent Technologies, Inc., a Marsh company, in coordination
with Torrent’s Write-Your-Own (WYO) carriers participating in the
National Flood Insurance Program (NFIP), announced today the
availability of a new, automated private market primary flood
insurance solution designed to be a cost-effective alternative to
the NFIP.
Underwritten by the Lloyd’s of London coverholder DUAL
Commercial LLC, the Torrent/DUAL Private Flood solution comprises
three separate primary flood policy options that mirror NFIP
coverage features with up to $2 million in limits for residential
and small commercial property owners available. Limits are written
on a per risk basis and can cover damage to buildings and contents.
Other options include coverage for condominiums, additional living
expenses, increased cost of compliance (ICC), loss avoidance, and
golf carts.
Torrent’s new primary flood solution comes on the heels of the
launch of Torrent/DUAL Excess Flood, which provides up to $15
million in excess insurance protection for residential and
commercial property owners and up to $20 million in coverage for
condominium owners. The excess flood policy can sit above
Torrent/DUAL Private Flood or NFIP Flood policy limits.
Like the Excess Flood and NFIP Flood policies, the Torrent/DUAL
Private Flood solution is offered via Torrent’s state-of-the-art
technology platform, allowing insurance agents to quote, bind, and
issue policies in real time. Torrent offers the industry’s only
integrated platform where agents can easily quote NFIP, private
primary, and private excess flood policies with a single entry
system.
“The NFIP plays a critical role in providing consumers with much
needed flood coverage for what is the number one natural disaster
risk in the US. For many policyholders, though, NFIP coverage is
limited in scope and often cost prohibitive,” said Ian Macartney,
Marsh’s Flood Insurance Services Practice leader. “With
Torrent/DUAL Private Flood, we are giving the agents of our WYO
company partners and their policyholders a quick and efficient
alternative to the NFIP at a more affordable price.”
Patrick Small, managing director of DUAL Specialty Property,
added: “We are pleased to work with Torrent and its WYO companies
in developing these private market flood solutions and to be able
to offer them via the industry’s only integrated online platform
that supports both government and private market flood solutions
with real-time functionality.”
Torrent/DUAL Private Flood coverage is available in all 50
states on a surplus lines basis.
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 30,000 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
annual revenue of US$13 billion and approximately 60,000 colleagues
worldwide, 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; LinkedIn; Facebook; and YouTube.
About DUAL Commercial LLC
DUAL Commercial LLC is a leading Specialty Program Administrator
offering property & 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 17 countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20160512005075/en/
MarshSally Roberts, +1
303-952-9453sally.roberts@marsh.comorLee Ann Farwell, +1
212-345-1125leeann.farwell@marsh.com
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