Philadelphia Insurance Cos. believes it can provide better prices than the National Flood Insurance Program (NFIP) for some flood-related 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 it can provide and its rates are driven by its models,” says Neal Schmidt, Philadelphia Insurance's vice president of underwriting specialty property. “We can provide higher limits and better terms using our models.”
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