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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 might be accessible in all states the place the corporate writes flood insurance coverage

Chubb launches flood insurance platform

Disaster & Flood

Ryan Smith

Chubb Private Danger Companies 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 traces enterprise for major and extra flood. It would present quotes for low-hazard properties in lower than two minutes, the corporate stated.

The system might be accessible in all states the place Chubb writes flood insurance coverage, in keeping with a information launch.

“We have now made a big funding to create an distinctive quoting and issuance course of for brokers to make sure we will supply full flood safety protection choices for purchasers,” stated Louis Hobson, senior vp 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 liable to flooding, Chubb stated. Floods are generally related to climate catastrophes akin to hurricanes, however can be triggered by occasions like rain runoff, which may impression any space.

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

“Standalone residence insurance policies typically exclude any floor water that enters your house,” Hobson stated. “The commonest reason for flooding harm 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 gives personalized protection with limits as excessive as $15 million. Protection may be obtained for as little as $500 a 12 months, the corporate stated.

In different firm information, Chubb not too long ago introduced the launch of a international transactional danger insurance coverage platform. As a part of the launch, the corporate appointed Josh Cowen as senior vp for worldwide transactional danger.

Chubb additionally not too long ago introduced the appointment of Seth Gillston as government vp and head of North American business practices.

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