The product offers one of the broadest primary flood forms in the market for residential and commercial properties.
PRODUCT: Hiscox FloodPlus
COMPANIES: Burns & Wilcox and Hiscox London Syndicate
BEST RATING: A
AVAILABILITY: Agents appointed with Burns & Wilcox
FOCUS: The newest version launch of Hiscox FloodPlus provides a technology-driven solution that has a proven track record of stability in the market and is backed by one of the largest capacity syndicates. The product—delivered through IssueQuick, Burns & Wilcox's direct agency portal—offers one of the broadest primary flood forms in the market for residential and commercial properties.
Burns & Wilcox currently delivers exclusive primary, excess and parametric flood products with relationships across 20 different syndicates and 15 different product lines, offering one of the most comprehensive private flood portfolios in the private market.
COVERAGE DETAILS: Available exclusively for the U.S. market, Hiscox FloodPlus builds on Hiscox's decades of experience in protecting homeowners and business owners from the devastating effects of flood. With a wider scope of cover and a choice of higher limits, Hiscox FloodPlus offers effective protection for both personal and commercial insureds.
Coverage is available for homeowners with dwelling values up to $2.25 million with a maximum total insurable value of $2.5 million. Coverage is available for commercial insureds up to $2.5 million to incorporate buildings, business personal property and business income. $3.5 million excess flood limits are also available.
The policy includes a broad definition of flood coverage, as well as indirect loss coverage limits for residential loss of use and commercial business income; coverage for enclosures and basements, including personal property; policy limits for outbuildings that do not reduce overall indemnity; lessee's improvements and betterments coverage for primary flood; and worldwide coverage for personal property, including in the basement.
UNDERWRITING: Rate factors include occupancy, foundation type, number of stories, ground and relative structure elevations, enclosures, reconstruction cost, surge and inland modeled returns versus the structure, and loss history.
MINIMUM PREMIUM: $350
COVERAGE AVAILABILITY: All U.S. states except AK, HI, IL, KY and NY.
CONTACT: Brad Turner, vice president, national product manager, flood, Burns & Wilcox; 252-247-1988.
Will Jones is IA editor-in-chief.
