Chubb launches flood insurance coverage platform

Chubb Private Threat 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 owners platform, will assist Chubb’s private traces enterprise for main and extra flood. It would present quotes for low-hazard properties in lower than two minutes, the corporate mentioned.

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

“We now have 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,” mentioned 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 susceptible to flooding, Chubb mentioned. Floods are generally related to climate catastrophes comparable to hurricanes, however can be triggered by occasions like rain runoff, which might influence any space.

“The disagreeable actuality is that wherever it may well rain, it may well flood,” Chubb mentioned.

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

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

Chubb additionally lately introduced the appointment of Seth Gillston as govt vp and head of North American business practices.

Have one thing to say about this story? Tell us within the feedback under.