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Coverage in excess of National Flood Insurance Program limits available through new PHLY product.
Bala Cynwyd, PA (PRWEB) June 26, 2014
Philadelphia Insurance Companies (PHLY) is now offering Commercial Excess Flood coverage to complement its Commercial Primary Flood product. Businesses will find PHLYs new excess coverage competitively priced and available at limits higher than the National Flood Insurance Program (NFIP).
Providing Primary and Excess Commercial Flood coverage creates a convenient and flexible solution for PHLYs specialized market customers, commented Neal Schmidt, vice president of underwriting at Philadelphia Insurance Companies. Excess coverage provides another Flood exposure solution to insureds with rates and coverages that may be more favorable than those offered in the current marketplace.
Through PHLYs new Excess coverage, businesses have the option to self-insure primary limits and the ability to schedule multiple building locations on one policy if the buildings are in the same state. Risks with prior flood losses are eligible for coverage depending on the amount of loss. Acceptable occupancies include office buildings, churches, hotels, apartments, restaurants, shopping centers, light manufacturing, municipalities, and buildings with replacement value under $25M.
PHLYs flood coverages are written by Tokio Marine Specialty Insurance Company, a subsidiary of Philadelphia Consolidated Holding Corp., and the program is underwritten by managing general agent WNC Insurance Services, Inc. Tokio Marine Specialty Insurance Company is an authorized Excess and Surplus lines insurance carrier in all states and D.C. Tokio Marine Specialty Insurance Company is not licensed or admitted in any jurisdiction except Delaware where it is a domestic insurer licensed to write surplus lines. This product is unavailable except through a licensed surplus lines broker. Surplus lines companies do not participate in state guaranty funds in any jurisdiction, except New Jersey, and thus, surplus lines insureds are not protected by those funds.
For more information on PHLYs Commercial Excess Flood product, please visit our website at http://www.PHLY.com or contact a PHLY Marketing Representative at 1-800-873-4552.
About Philadelphia Insurance
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. In operation since 1962, the Company, whose commercial lines insurance subsidiaries are rated A++ (Superior) by A.M. Best Company and AA- for counterparty credit and financial strength by Standard & Poors, is nationally recognized as a member of Ward's Top 50 and one of the Top 150 Workplaces in America. The organization has 49 offices strategically located across the United States to provide superior service. For more information, please visit http://www.PHLY.com.
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