ISO Launches Commercial Flood Insurance Program
(Thomson Reuters ONE) -
ISO Launches Commercial Flood Insurance Program
JERSEY CITY, N.J., August 10, 2017 - ISO has launched a new commercial flood
insurance program that addresses many of the critical coverage needs in the
marketplace today. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The new program enables insurers to set their own limits of insurance and
provide optional coverage for risks not typically covered by the National Flood
Insurance Program (NFIP), including certain types of property damage to
basements, business interruption, and costs to comply with building code
changes. The coverage can be based on actual cash value or replacement cost
value. The new program features actuarially sound loss costs based on models
developed by Verisk's AIR Worldwide business and from ISO data.
Insurers can use the program to provide a primary flood policy or a flood policy
providing coverage that is excess of the NFIP, which is currently being reviewed
by the U.S. Congress in anticipation of the program's scheduled sunset on
September 30, 2017.
"Recovering from a flood can be a major challenge for businesses because
expenses can quickly escalate out of control. But underwriting commercial flood
coverage is still new to many insurers, and they don't have the tools needed to
cover and price the wide range of risks that businesses face," said Maroun
Mourad, president of ISO - Commercial Lines. "Our new program can help insurers
address complex coverage needs and achieve profitable growth in commercial flood
insurance."
Later this year, ISO plans to introduce similar solutions for the personal
property market..
"The market for property insurance generally is highly competitive, and with an
increased awareness of the potentially disastrous effects from the peril of
flood, insurers will have the tools to offer more robust protections to their
policyholders," added Mourad.
To learn more about ISO's flood insurance solutions, visit
www.verisk.com/floodinsurance or
e-mail floodinsurance(at)verisk.com.
About ISO
Since 1971, ISO has been a leading source of information about property/casualty
insurance risk. For a broad spectrum of commercial and personal lines of
insurance, ISO provides statistical, actuarial, underwriting, and claims
information and analytics; compliance and fraud identification tools; policy
language; information about specific locations; and technical services. ISO
serves insurers, reinsurers, agents and brokers, insurance regulators, risk
managers, and other participants in the property/casualty insurance marketplace.
ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, please
visit www.verisk.com/iso.
Contact:
Giuseppe Barone/Erin Bzymek
MWWPR (for ISO)
201-507-9500
gbarone(at)mww.com
ebzymek(at)mww.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verisk Analytics Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 10.08.2017 - 17:00 Uhr
Sprache: Deutsch
News-ID 556132
Anzahl Zeichen: 3573
contact information:
Town:
Jersey City
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 291 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ISO Launches Commercial Flood Insurance Program"
steht unter der journalistisch-redaktionellen Verantwortung von
Verisk Analytics Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
