Ironshore's personal lines unit is expanding flood insurance coverage for high net worth homeowner clients. The company reported that the excess flood insurance is an endorsement available on homeowners' policies underwritten by Ironshore through its network of program administrators. The coverage, according to Ironshore, provides an additional layer of protection above the $250,000 limit for property damage offered through the National Flood Insurance Program.
Ironshore noted that its personal lines unit offers specialized homeowners' insurance for properties valued at $1 million or more in selected states nationwide. Ironshore's personal lines unit covers properties located in seven states, including:
- Florida;
- South Carolina;
- New Jersey;
- New York;
- Connecticut;
- Massachusetts; and
- Rhode Island.
“Recent events have raised awareness of significant property damage that can occur in high risk prone areas of the country, primarily in coastal regions,” said Daniel Olmsted, the vice president of personal lines at Ironshore. “Homeowners insurance typically excludes recovery costs resulting from flood and storm surge damage so offering this endorsement provides added protection that fills existing coverage gaps,” according to Mr. Olmsted.
Learn more: www.ironshore.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].