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Monday, April 15, 2024

Chubb launches flood insurance coverage platform

Chubb launches flood insurance coverage platform | Insurance coverage Enterprise America

System will probably be out there in all states the place the corporate writes flood insurance coverage

Chubb launches flood insurance platform

Disaster & Flood

Ryan Smith

Chubb Private Danger Providers has introduced the launch of a self-service Flood Insurance coverage System for brokers.

The brand new platform, which is able to combine with the Chubb Agent Portal and the Masterpiece EZ Quote householders platform, will help Chubb’s private strains enterprise for main and extra flood. It is going to present quotes for low-hazard properties in lower than two minutes, the corporate stated.

The system will probably be out there in all states the place Chubb writes flood insurance coverage, in accordance with a information launch.

“We’ve got made a big funding to create an distinctive quoting and issuance course of for brokers to make sure we are able to supply full flood safety protection choices for purchasers,” stated Louis Hobson, senior vice chairman of Chubb’s North American flood insurance coverage enterprise.

Local weather change is inflicting floods to extend in frequency – together with in areas not traditionally susceptible to flooding, Chubb stated. Floods are generally related to climate catastrophes resembling hurricanes, however may also be triggered by occasions like rain runoff, which might affect any space.

“The disagreeable actuality is that wherever it may possibly rain, it may possibly flood,” Chubb stated.

“Standalone dwelling insurance policies usually exclude any floor water that enters your property,” Hobson stated. “The commonest reason for flooding injury isn’t linked to an excessive climate occasion – it may be so simple as rain runoff that accumulates too shortly.”

Chubb’s flood insurance coverage offers personalized protection with limits as excessive as $15 million. Protection could be obtained for as little as $500 a 12 months, the corporate stated.

In different firm information, Chubb just lately introduced the launch of a international transactional threat insurance coverage platform. As a part of the launch, the corporate appointed Josh Cowen as senior vice chairman for worldwide transactional threat.

Chubb additionally just lately introduced the appointment of Seth Gillston as government vice chairman and head of North American business practices.

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