Chubb launches flood insurance coverage platform

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

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

The system shall be out there in all states the place Chubb writes flood insurance coverage, in response to a information launch.

“Now we have made a major funding to create an distinctive quoting and issuance course of for brokers to make sure we will provide full flood safety protection choices for shoppers,” 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 akin to hurricanes, however may also be triggered by occasions like rain runoff, which may 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 house,” 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 rapidly.”

Chubb’s flood insurance coverage offers personalized protection with limits as excessive as $15 million. Protection will 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 world 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.

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