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,
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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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