To aid those in Texas and the Gulf region who suffered severe flooding in the swath of Hurricane Harvey, Aon is launching an insurance product called Aon Flood Secure.
Aon Flood Secure will provide replacement coverage to US organizations that have impaired or exhausted aggregated flood limits on their property policies. The product is being created by the company’s global risk management branch, Aon Risk Solutions.
To help those with eroded or exhausted flood insurance, and to mitigate the risk of uninsured organizations Aon Flood will offer prorated coverage terms of less than a year for those who need to be fully covered for subsequent or future events. Designed to replace eroded or exhausted flood aggregate coverage, the product will match existing carrier agreements to provide reinstatement of impaired flood coverage.
“The impact to Texas and the Gulf region is already very significant and the entire impact is yet to be fully realized from Hurricane Harvey,” Rick Miller, Aon Risk Solutions’ U.S. Property Practice leader said in a statement.” Aon Flood Secure is designed to provide limits of $25 million or more through top rated global insurers and can include high hazard flood zones. Each risk will be separately underwritten with policy terms up to one year.”
Flood Secure is not intended as a replacement for National Flood Insurance Program coverage. According to Aon, clients should consult their policy for actual details of the replacement coverage.