Philadelphia Insurance Companies (“PHLY”) is now offering commercial excess flood coverage to complement its commercial primary flood product. PHLY's new excess coverage is 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 PHLY's specialized market customers,” commented Neal Schmidt, the vice president of underwriting at PHLY. “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 PHLY's 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 $25 million.
PHLY's 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.
Learn more: http://www.phly.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].