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LONDON, UNITED KINGDOM -- May 09, 2016 - In response to the deregulation of the US flood insurance market, Hiscox London Market has launched a new flood product for US homeowners -- FloodPlus. Working with wholesale brokers in the US to distribute the new product, FloodPlus meets a shortfall in flood cover for many homeowners by offering higher limits and a wider scope of cover than policies provided by the existing US government backed National Flood Insurance Program (NFIP).
With current NFIP limits of only US$100,000 for contents and US$250,000 for buildings, US homeowners have had limited choice for flood cover. Hiscox's FloodPlus, which will be available through wholesale brokers in the US, not only offers higher limits of cover but also a simpler definition of what constitutes a flood, as well as broader cover for personal property plus alternative accommodation while the property is being repaired. Available for wholesale brokers to market to their retail broker clients, US broker Johnson & Johnson has already begun to offer FloodPlus to its agency partners.
Commenting on the new product, Jonathan Powell, Personal Lines Underwriter for Hiscox London Market, said: "As we've seen recently with huge floods in Houston, Texas, flood continues to cause devastation to homeowners throughout the US. Once again consumers are finding their flood cover woefully short of what they actually need with insufficient limits, no option for alternative accommodation, and a narrow definition of what constitutes a flood. Following deregulation of the market, we've been able to put together a product that brings the best of the London Market to the benefit of US homeowners who want more comprehensive flood coverage through a simple flood definition, higher limits and broader coverage."
Peter Burrous, Chief Marketing Officer with insurance broker Johnson & Johnson, added: "We are very pleased to offer FloodPlus to our partner Agents and we believe that it is a product that can make a real difference to homeowners in the US looking for flood coverage that responds to the real scale of the flood risk to their homes and personal property."
"The London insurance market has built its reputation on the ability to innovate. FloodPlus is the latest demonstration of our ability to do just that and respond to genuine customer needs," concluded Powell.
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Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It's a long-standing strategy which in 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million.
The Hiscox Group employs over 2,200 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
About Hiscox FloodPlus
Available for homeowners across the US with dwelling values of up to $1m, Hiscox FloodPlus can be bought as a stand-alone cover or alongside Hiscox's existing homeowners' cover. Homeowners can choose to take similar limits to their NFIP cover, or elect to buy higher limits.
In addition the cover offers more comprehensive protection such as:
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