Posted on 12 Feb 2013 by Neilson
Marsh today announced strategic changes to its Flood Service Center (FSC), the industry's only facility solely dedicated to providing clients flood coverage, including through the National Flood Insurance Program (NFIP).
In collaboration with Homesite Insurance in a fronting capacity and Torrent Technologies, an NFIP system provider, Marsh's FSC will service standard flood insurance policies as part of the NFIP's Write Your Own (WYO) Program. By accessing the NFIP through Marsh's arrangement with Torrent, clients will experience an efficient application process and enhanced service. Marsh is also working with CNC Catastrophe & National Claims, an industry-leading claims adjusting firm, to 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 best-in-class 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."
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.