Hold the Presses is your online newsportal en brings press releases from around the world. Journalists can use it for free, although it is their responsibilty to check the news. Hold the Presses is in no way responsible for the content of the press releases, the Sender is. We hope you enjoy reading the news we bring you on this website. If a message is published that is not acceptable, we apologize. Please contact us and we will remove the message as soon as possible.

Thursday, 10 August 2017

ISO Launches Commercial Flood Insurance Program

     

ISO Launches Commercial Flood Insurance Program

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@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@mww.com

ebzymek@mww.com

 






This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Verisk Analytics Inc., 545 Washington Blvd., Jersey City NJ 07310-1686, United States
If you would like to unsubscribe and stop receiving these e-mails click here.