The Chubb Group of Insurance Companies said it has begunoffering a flood insurance product that insures for higher limitsand wider coverage than the federal flood program.

The Warren, N.J.-based company said it was providing thecoverage to homeowners who face either inland or coastalexposures.

Chubb said it has begun to offer its admitted excess floodinsurance product in 15 jurisdictions, including California,Connecticut, Illinois, Florida, Maryland, Massachusetts, NewJersey, New York and Pennsylvania.

In April, Chubb had announced that it was writing afirst-dollar, primary personal flood insurance policy. The primarycoverage is now available in 20 jurisdictions. It providessubstantially higher limits ($15 million for home and contentscombined) and broader coverage than the National Flood InsuranceProgram.

Chubb said its new excess flood policy does not follow thecontract language of the NFIP policy to determine coverage.Instead, it provides a broader definition of the flood peril,replacement cost valuation for building and contents (versusdepreciated value), as well as coverage for additional livingexpenses.

Peter Spicer, a Chubb vice president and personal insurance newproduct manager, said the company is now able to provide customers"with the strong financial protection they need from flood-relatedexposures. Since flooding can happen virtually anywhere, we plan tocontinue to roll out both our primary and excess flood policies toother states during the coming year."

Other jurisdictions in which the excess policy is currentlyavailable include the District of Columbia, Indiana, Michigan,Missouri, Virginia and Washington.

The primary policy is available in Arizona, California,Colorado, Connecticut, District of Columbia, Florida, Idaho,Illinois, Indiana, Maryland, Massachusetts, Michigan, Missouri, NewJersey, New York, Ohio, Pennsylvania, Utah, Virginia andWashington.

Prior to introducing its new primary and excess flood policies,Chubb only provided excess flood coverage to homeowners customerson a non-admitted basis.