Marsh Focuses on Distribution of NFIP Coverage
Through new partnerships, carrier looks to expand its scope and improve the process through which it procures flood insurance coverage for its clients.
Insurance Networking News, February 11, 2013
Earlier today, Marsh announced strategic changes to its Flood Service Center (FSC) that will allow it to service standard flood insurance policies as part of the National Flood Insurance Program’s (NFIP) Write Your Own (WYO) Program.
According to a company release, the announcement is a result of collaborations with Homesite Insurance, in a fronting capacity; Torrent Technologies, an NFIP system provider; and Catastrophe & National Claims (CNC), an industry-leading claims adjusting firm, which will provide claims services to clients in the event of a flood claim.
In addition, clients of Marsh Consumer and Marsh & McLennan Agency LLC will now have access to the dedicated flood insurance expertise and new streamlined application process and claims services of the FSC.
“The NFIP continues to play an integral part in businesses’ and homeowners’ recoveries from devastating storms, including Superstorm Sandy,” said Ian Macartney, head of operations for Marsh’s US Risk Practices and Specialties, including the FSC. “By streamlining our NFIP procurement process, expanding our scope, and affiliating with other industry leaders, Marsh will now be even better positioned to help our clients obtain valuable insurance to protect their property and minimize the disruption of flood events to their operations and personal lives.”
Marsh’s FSC remains the industry’s only facility solely dedicated to providing clients flood coverage, including through the NFIP.
Under the NFIP, businesses can purchase up to $500,000 in building and $500,000 in content coverage, while individual homeowners can purchase up to $250,000 in building and $100,000 in content coverage. Additionally, Marsh’s Flood Service Center can place up to $30 million in excess of NFIP flood insurance, including business interruption, with A-rated insurance capacity.
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