At One80 Intermediaries our Flood Specialists are focused exclusively on the creation of Private Market Solutions for our personal and commercial clients.
Brian Botwinick, PCS Practice Leader, One80 Intermediaries
Single peril risk solutions for natural catastrophe losses continue to evolve in the wake of outsized industry losses. Recent changes to the National Flood Insurance Program have allowed Specialty Insurers to enter the Private Market Flood space promising more streamlined access and improved coverage options for our clients.
Major flood events around the globe have made headlines in recent years as impacts to densely populated urban centers have exposed infrastructure and personal property to unprecedented levels of damage and economic loss.
Our awareness of climate change and how historical flood events model in the wake of population growth and urban development have resulted in a call to action for municipalities, as many consider flood mitigation strategies and investment in long term flood management infrastructures.
One recent study by the United States Geological Survey highlights the Great California Flood of 1862, which dumped nearly 10 feet of rain in parts of the state over a 43 day period. Scientists who participated in that study suggest a modern day recurrence of the same weather conditions would result in over $725 in total economic damages, and resulting in years of recovery efforts in Orange County, Los Angeles County, San Diego and the Bay Area.
At One80 Intermediaries our Flood Specialists are focused exclusively on the creation of Private Market Solutions for our personal and commercial clients. Our carrier partners provide the same coverage available through the National Flood Insurance Program with the ability to offer coverage enhancements and a simplified application process. Our team is helping to create a New Direction in Specialty Insurance.