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Assurant Primary Flood Insurance

Agent FAQs

TABLE OF CONTENTS

General Product 1

Eligibility and Coverage 1

Rating 2

Process 3

Contracting and Commission 4

Contact Details 4

Important Links 4

1 | Primary Flood FAQs

Assurant Primary Flood Insurance

General Product

WHAT IS ASSURANT PRIMARY FLOOD INSURANCE?A private flood alternative to the NFIP product which provides coverage for single and 2 to 4 family homes.

WHERE IS ASSURANT PRIMARY FLOOD INSURANCE AVAILABLE FOR PURCHASE?The product is currently available in California, Florida, Massachusetts, New York, New Jersey, North Carolina, Pennsylvania, South Carolina, Texas and Virginia. Other states are coming soon.

ONCE WE LEAVE THE FEDERAL PLAN, HOW DIFFICULT IS IT TO GET BACK IN AND WHAT’S INVOLVED? According to the NFIP guidelines, this product does not provide continuous coverage. Please review the grandfathered policies with your customers and explain their options to them before making a decision to move to Assurant Primary Flood Insurance.

HOW LONG IS THE POLICY TERM?The policy term is 12 months.

IS THERE A WAITING PERIOD FOR THIS PRODUCT?There is no waiting period when the policy is purchased in connection with a loan closing or if the policy is being rolled over from the NFIP. In other instances, a 14-day waiting period applies to any new policy.

CAN I ADD FLOODWRAP TO THIS POLICY?Currently, FloodWrap is not available with Assurant Primary Flood Insurance.

WILL LENDERS ACCEPT ASSURANT PRIMARY FLOOD INSURANCE?This policy is compliant with the Biggert-Waters Flood Insurance Reform Act of 2012 and meets all the provisions required.

WHO IS THE UNDERWRITER FOR THIS PRODUCT?Voyager Indemnity Insurance Company, a non-admitted carrier, is the underwriter for our Primary Flood Insurance offering. Voyager has an “A” (excellent) rating by A.M. Best Company.

IS THIS A SURPLUS LINE PRODUCT? IF YES, WHO IS RESPONSIBLE FOR PAYING TAXES AND FEES?Assurant Primary Flood Insurance is a surplus lines product. TrackSure Insurance Agency, as the E & S broker, will ensure that the fees and taxes are properly reported and paid to the state.

WHAT ARE THE BENEFITS OF THE ASSURANT PRIMARY FLOOD INSURANCE PRODUCT?Assurant Primary Flood Insurance is a private product that is simpler to write, provides higher limits, has a competitive price and can be written as a replacement for the NFIP flood policy.

Eligibility and Coverage

WHO CAN PURCHASE ASSURANT PRIMARY FLOOD INSURANCE COVERAGE? WHO CAN BE INCLUDED ON THE POLICY?• A building owner, and/or mortgagees/trustees may purchase insurance coverage on the residential building and its

contents under Assurant Primary Flood policy• A maximum amount of three mortgagees may be included on the policy. Additional insureds or additional interests

may be included on the policy


WHAT ARE THE ELIGIBILITY GUIDELINES FOR THIS PRODUCT?• Buildings in FEMA flood zones A1-A30, AE, A, V1-V30 and VE are eligible• These are some dwellings NOT eligible (full list is available with underwriting)

» Buildings located in areas defined within Coastal Barrier Resource Act » Buildings with elevation differences (the difference between lowest floor elevation and base flood elevation) of -1 or lower for most zones

» Buildings located partially or fully over open water » Buildings not walled and roofed » Buildings under construction » Severe Repetitive Loss (SRL) properties (as defined by FEMA) » Buildings with two or more flood-related claims

• Building(s) must be located in an eligible community. Eligible communities are those participating in FEMA’S National Flood Insurance Program (NFIP) and are listed in the NFIP master file as active participating communities under the regular program

• Eligibility and rates will be determined based on current FEMA flood zones. NFIP grandfathering rules do not apply to the Assurant Primary Flood policy

WHAT ARE THE FIVE ELIGIBILITY KNOCKOUT QUESTIONS IN THE QUOTING SYSTEM?• Date of construction• Is the property under construction?• Is the property over water?• Number of flood claims• Occupancy

ARE PRE-FIRM PROPERTIES ELIGIBLE FOR THIS PRODUCT?Yes, single or 2 to 4 family pre-FIRM properties, with elevation -1 or higher are eligible for this product. Our proprietary geospatial technology can be used to get the elevation difference in most cases and is available as an option on the Assurant Primary Flood quoting platform. For some properties, this option may not be available and an elevation certificate will be needed.

WHAT DOES THIS PRODUCT COVER?• Up to $800,000 of coverage for a building• Up to $250,000 of coverage for contents• Up to $500 of coverage for food spoilage• Up to $10,000 for Flood Expense Coverage

Please refer to the Assurant Primary Flood Insurance policy for a complete description of coverages. Flood Expense Coverage is referenced as FLDCASH in the Assurant Primary Flood portal.

WHAT IS THE FOOD SPOILAGE COVERAGE?Coverage against spoilage of food in a freezer or refrigerated unit is up to a $500 limit with a $100 deductible.

WHAT IS FLOOD EXPENSE COVERAGE?Flood Expense Coverage is a flexible option for unexpected expenses incurred after a flood event. This coverage provides a fixed payout that can be used to cover any expense that arises due to flooding.

IS COVERAGE AVAILABLE FOR CONDOMINIUM BUILDINGS OR UNITS?No, we do not currently offer Assurant Primary Flood Insurance for condo units.

CAN I PURCHASE CONTENTS COVERAGE WITHOUT PURCHASING BUILDING COVERAGE?No, you must purchase building coverage.

TESTING


Rating

HOW DO THESE RATES COMPARE WITH THE NFIP RATES?There are no NFIP fees or surcharges and there is an average savings of 10% to 15%.

IS THERE A MINIMUM PREMIUM?Yes, $300 plus fees and taxes.

WILL A GRANDFATHERED FLOOD MAP BE ALLOWED? The current flood map will be used and grandfathering will not be allowed on this product.

Process

WHERE DO I GO TO PROCESS THE QUOTES AND APPLICATION?https://w2.assurant.com/agencyportal

IS AN ELEVATION CERTIFICATE REQUIRED? No, an elevation certificate is optional. However, if you have an elevation certificate for the property, please follow the rating option with elevation certificate.

WE ARE CURRENTLY GRANDFATHERED IN TO OUR ELEVATION. DO WE HAVE TO PAY TO GET NEW SURVEYS? No, however the product is only written in the current zone and BFE and there is no grandfathering allowed.

WHAT ARE THE PAYMENT OPTIONS?Full annual premium is required and you may pay via either of the following methods:

• Check or money order by mail• Electronic remittance of check via eCheck or debit/credit card

WHAT IS THE MAILING ADDRESS FOR NEW, RENEWAL AND ENDORSEMENT PREMIUMS?• Voyager Indemnity

23852 Network Place Chicago, IL 60673-1238

• Payments may also be submitted electronically within the portal quoting system

WHAT IS THE MAILING ADDRESS FOR NEW, RENEWAL AND ENDORSEMENT PAPERWORK?• Voyager Indemnity

P.O. Box 4337 Scottsdale, AZ 85261

• Documents may also be submitted via email to [email protected]

WHAT DO I DO WITH THE SIGNED COPY OF THE APPLICATION?Upload it to the quote or email it to [email protected].

CAN I ADD ASSURANT PRIMARY FLOOD INSURANCE AND REPLACE MY NFIP POLICY MIDTERM?This policy is intended to replace the NFIP policy at renewal.

WILL THE CLAIMS PROCESS BE THE SAME AS WITH NFIP? HOW ARE CLAIMS SUBMITTED AND PAID?The claims process will be aligned with the NFIP claim process. First notice can be filed by calling 800.280.3309.

HOW CAN I FILE A CLAIM FOR FLOOD EXPENSE COVERAGE?Please call the Claims Reporting telephone number on the declaration page. Two colored photographs of the flooding of the main level of the dwelling must accompany all claims and should be sent to [email protected]. The photographs must be in Joint Photographic Expert Group (JPEG) format.


WHAT ARE THE CONDITIONS FOR FLOOD EXPENSE COVERAGE PAYMENT TO BE MADE?• Flood results in at least 1 (one) inch of water on the main living area which is above the adjacent grade of the

dwelling. This excludes any flooding in basements or below adjacent grade of the dwelling;• Loss under Coverage A exceeds Coverage A deductible

HOW WILL I RECEIVE THE MONEY?A gift card will be mailed to you through priority mail

DO I NEED TO WAIT FOR THE BUILDING PAYOUT BEFORE THE FLOOD EXPENSE COVERAGE PAYMENT WILL BE MADE?In most cases, claims team will be able to assess using a photo if there is at least one inch of water and Loss under Coverage A is expected to exceed Coverage A deductible. In those cases, you can expect a quick payout. For cases where it is not clear from the photos if there is a significant damage, then the claim will be adjusted at the first adjuster visit to assess the damage for the underlying primary policy.

WILL THERE BE A COINSURANCE PENALTY?The coinsurance penalty is applied only when building coverage is less than $250K and is also less than 80% of the building replacement cost.

CAN I CANCEL ASSURANT PRIMARY FLOOD INSURANCE AT ANY TIME AND FOR ANY REASON? Assurant Primary Flood Insurance can be canceled for any applicable valid reason allowed by the NFIP. Refer to the policy for details.

HOW DO I CANCEL THE POLICY? Cancellation rules are similar to the NFIP. Cancellation should be processed and submitted on the portal, along with signatures and supporting documents will be required.

Contracting and Commission

HOW DOES AN AGENT BECOME AUTHORIZED TO SELL ASSURANT PRIMARY FLOOD INSURANCE?Agents representing the sale of Assurant’s private flood insurance must be licensed to sell property insurance and need to be contracted with Voyager Indemnity Insurance Company. Please contact your marketing representative or email Marketing Support at [email protected].

WHAT DOCUMENTS ARE REQUIRED TO ENTER INTO CONTRACT TO WRITE ASSURANT PRIMARY FLOOD INSURANCE?• Signed contract agreement• Agency input information form• License data transmittal form• Agent/Producer License• Signed and dated W-9• ACH/Direct Deposit Form (for electronic payment of commissions)

WHO PAYS THE COMMISSION ON THESE PRODUCTS?Voyager Indemnity Insurance Company/TrackSure Insurance Agency.

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Contact Details

CONTACT USAssurant Flood Solutions Flood Service Center P.O. Box 4337 Scottsdale, AZ 85261

POLICY SERVICE• Email: [email protected] • Phone: 800.280.3309 • Fax: 480.483.5817

CONTRACTING• Marketing Support: [email protected]

CLAIMS PROCESSING• Report by email: [email protected] • Phone: 800.280.3309 • Fax: 866.892.3066 • General Claims email: [email protected]

Important Links

• Quoting system: https://w2.assurant.com/agencyportal/DisplayLogonForm• Assurant Flood Solutions website: http://www.assurantfloodsolutions.com/• Additional information on Assurant Primary Flood Insurance:

http://www.assurantspecialtyproperty.com/flood/AssurantPrimaryFlood.html