Torrent Technologies, a Marsh subsidiary that provides flood insurance technology and servicing, has announced an agreement with Palomar Specialty Insurance Company to provide Torrent’s Write-Your-Own (WYO) carrier clients and their agents with new, admitted private flood insurance options.
Under the agreement, Palomar’s admitted residential flood insurance program, Flood Guard, will be integrated into Torrent’s flood-processing platform. The integration will provide agents of WYO carriers that opt in more choices to meet their customers’ flood risk needs and help close the flood insurance gap in the US, Torrent said.
Flood Guard will be the first admitted, private flood insurance option on the TorrentFlood platform. This will enable agents to sell National Flood Insurance Program policies as well as quote, bind and issue – in real time – a curated list of private flood insurance options, Torrent said.
“Agents have told us they want more choice in flood insurance on our platform, and in particular, an admitted policy option,” said Kevin Tobin, CEO of Torrent Technologies. “With the addition of Flood Guard, WYO carriers can equip their agents with more opportunities to protect more homeowners from the number-one natural peril in the US.”
“Flood Guard is an affordable private flood insurance solution with flexible payment plans backed by the strength of an A-rated carrier,” said Mac Armstrong, founder, chairman and CEO of Palomar Specialty. “We are thrilled to integrate our offering on Torrent’s platform and provide WYO carriers and their agents expanded opportunities.”
Flood Guard is available on an admitted basis in 11 states: Arizona, California, Hawaii, Illinois, Indiana, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, and Utah. More states are forthcoming. Homeowners can purchase up to $5 million in dwelling, $1 million in personal property, and $50,000 in loss-of-use coverage on either a primary or excess basis.
Flood Guard is expected to be fully integrated onto TorrentFlood in the first quarter of 2021, the companies said.
