The Guarantee announces two new water endorsements
Published: March 28, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Home Insurance
The Guarantee Company of North America has introduced a pair of new water endorsements. The two solutions were announced on Monday and are available for new businesses now. Companies that a renewing a policy can get the endorsements on and after May 23.
The GUARANTEE GOLD H2O+ and Guarantee SUPERIOR H2O+ endorsements are comprehensive, read-in coverage. Both sit on top of the company’s sewer back-up coverage. It is part of every residential policy offered by The Guarantee.
In a press release on Monday, the company said the product has been created for “complete water protection for all policyholders by extending coverage to overland or fresh water flooding, damage caused by ground and surface water and waterborne ice.”
The Guarantee also says the endorsements address “gaps in coverage that most homeowners are currently facing.”
“No matter the season, flowing or frozen, water has a devastating, costly and at times catastrophic effect on our lives,” said Marilyn Horrick, national vice president with GUARANTEE GOLD. “The Guarantee’s water strategy recognizes the role we play as insurers to address water risk through informed underwriting, extensive prevention and mitigation programs and innovative products.”
The release said that the company ensured the new coverage would be “convenient, customer friendly and flexible with broad availability extending to all risk types at fair and individualized pricing. H2O+ was designed to provide protective coverage to 100% of Guarantee customers nationwide.”
The Guarantee partnered with Aon Benfield & Impact Forecasting to use its flood modelling technology. But using this software, the insurance provider can access geographical locations to decide which areas of the population are at risk of flooding. The company says this allows it to create a pricing model with “confidence”.