Philadelphia Insurance Cos. believes its models can provide better prices than the National Flood Insurance Program for some flood-related commercial property risks.
The Bala Cynwyd, Pa.-based member of the Tokio Marine Group is introducing a new commercial primary flood insurance policy as an alternative to businesses that might otherwise turn to the NFIP for coverage.
“The NFIP is restrictive in the terms and limits they can provide and their rates are driven by their models,” says Neal Schmidt, vice president of underwriting specialty property for Philadelphia Insurance. “We believe we can provide higher limits and better terms using our models.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
