Chubb launches flood insurance platform | Insurance business America
The system will be available in all states where the company provides flood insurance
Disaster and flood
By Ryan Smith
Chubb Personal Risk Services has announced the launch of a self-service flood insurance system for agents.
The new platform, which will be integrated with the Chubb Agent Portal and Masterpiece EZ Quote homeowner platform, will support Chubb’s residential primary and flood business. The company said it will provide offers on low-risk properties in less than two minutes.
The system will be available in all states where Chubb purchases flood insurance, according to a news release.
“We have made a significant investment to create an exceptional quoting and issuing process for agents to ensure we can offer our customers complete flood protection options,” said Louis Hobson, senior vice president of Chubb’s North American flood insurance business.
Climate change is causing floods to occur more frequently, even in areas that have not been flood-prone in the past, Chubb said. Flooding is often associated with weather disasters such as hurricanes, but can also be triggered by events such as storm runoff, which can affect any area.
“The unpleasant reality is that anywhere it can rain, flooding can occur,” Chubb said.
“Stand-alone home guidelines often exclude any surface water from entering your home,” Hobson said. “The most common cause of flood damage is not due to an extreme weather event – it may simply be rain accumulating too quickly.”
Chubb flood insurance offers tailored coverage with coverage amounts up to $15 million. According to the company, coverage is available for as little as $500 per year.
In other company news, Chubb recently announced the launch of a global transactional risk insurance platform. As part of the launch, the company appointed Josh Cowen as senior vice president of international transaction risk.
Chubb also recently announced the appointment of Seth Gillston as executive vice president and head of the North American industrial practice.
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2024-03-28 09:30:00
www.insurancebusinessmag.com
