Tokio Marine Highland

Josh Clifton

National Flood Insurance Program (NFIP) Rates Set to Increase Again April 1

The National Flood Insurance Program (NFIP) is set to increase rates once again on April 1, per Federal Emergency Management Agency (FEMA) bulletin W-19014 published last October. Some of the upcoming increases to note include:

Pre-FIRM Subsidized Rates:

  • Primary Residences – +7.5%
  • Non-Primary Residences – +23.1%
  • Non-Residential Businesses – +24.2%

Post-FIRM A Zones – Up to a 5.1% increase
Preferred Risk Policies (PRPs) – +12.5%
Newly-Mapped Policies – +15%
Reserve Fund Assessment Fee – +15-18%

With an average increase in rates of 9.9% taking effect on April 1, and another rate hike planned for January 1, 2021, it has never been a better time to explore the benefits of private flood insurance and review Tokio Marine Highland’s rate-stable solutions with your valued customers. Our private flood programs offer a wider range of options than provided under the NFIP, including competitive rates, higher limits and broader coverages. It’s why Tokio Marine Highland has been at the forefront of private flood insurance for more than 25 years.

To have Tokio Marine Highland review your upcoming NFIP renewals for competitive quotes, just send us a current flood Dec Page and our underwriters will do the rest! For additional questions about Tokio Marine Highland’s programs, contact us today at PrivateFloodSolution@tmhighland.com or visit our website to learn more about our comprehensive flood offerings.

Another Short-Term Extension for the NFIP: Consider Greater Stability and Options of Private Flood Insurance

Congressional leaders once again narrowly prevented the National Flood Insurance Program (NFIP) from lapsing, passing legislation to extend the Federal Emergency Management Agency (FEMA) program until November 21. The move was part of a continuing resolution signed by President Trump to extend current funding levels and prevent a federal government shutdown.

The short-term reauthorization of the NFIP, which provides coverage for more than 5 million homeowners, represents yet another temporary extension for the program without meaningful reforms. Since the NFIP’s last long-term authorization expired in September 2017, the program has been extended 12 times. In addition, it has lapsed twice since 2016.

While many lawmakers have been vocal about the need for wholesale reforms, questions remain as to whether Congress will have enough time to make the NFIP a priority in the final quarter of 2019. Any potential lapse in the program poses significant concerns for both lenders and insurance providers, as they strive to ensure that their customers have coverage, whether mandated by law or a preference to protect their assets.

Contact us today to learn why private flood insurance may be a better option for you and your clients. Email us at PrivateFloodSolution@tmhighland.com or visit our website to learn more about Tokio Marine Highland’s comprehensive flood offerings.

Tokio Marine Highland’s Kaileigh Bowe Named Business Insurance 2019 Break Out Award Winner

Tokio Marine Highland announced today that Kaileigh Bowe, Vice President of Marketing and Senior Underwriter, has been named a Business Insurance 2019 Break Out Award winner. The program recognizes 40 of the top professionals across the United States who are on track to be the next leaders in the risk management and property and casualty insurance industries.

Kaileigh joined in 2016 and provides strategic leadership and day-to-day management of a team of underwriters at Tokio Marine Highland, a leading managing general agent that specializes in insurance and risk management solutions, including coverages for residential, commercial and institutional construction projects. Tokio Marine Highland is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market.

“Kaileigh is an exceptional leader who has helped build a growing team of talent who have been a significant driver of Highland’s continued success,” said Patrick Blandford, Chief Executive Officer. “She has earned a reputation among clients for her ‘can do’ attitude and willingness to go the extra mile to find creative solutions to ensure the best customer experience. This award is a testament to her dedication and hard work, and recognition of the outstanding talent we are developing across the company.”

Kaileigh has been instrumental in implementing Tokio Marine Highland’s national sales and marketing plans, focusing on building new broker relationships and identifying underserved areas of the country that are potential growth opportunities. In addition, she creates underwriter training that emphasizes Tokio Marine Highland’s philosophy of best-in-class customer service. Kaileigh also serves as a member of the Construction Division’s Executive Team, which oversees the organization’s $100 million-plus operation.

A profile of Kaileigh is featured in the June issue of Business Insurance and she will be honored with her fellow 2019 recipients at an awards reception in Chicago on June 13, 2019.

About Tokio Marine Highland

Tokio Marine Highland is a leading property and casualty underwriting agency that offers distinct specialty risk management solutions, including private flood, construction, fine art, specialty property, real estate investment and lender-placed insurance. Tokio Marine Highland also includes Precise Adjustments, a wholly owned subsidiary that provides industry-leading claims capabilities.

Founded in 1962, Tokio Marine Highland Insurance Services, Inc. (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s for financial strength, and a member of the Tokio Marine Group. Tokio Marine Highland’s home office is located in Chicago, IL, with operating centers in Dallas, TX, Irvine, CA, Miami, FL, Naperville, IL, and South Pasadena, CA.

For more information, visit our website at www.tokiomarinehighland.com.

Follow WNC Insurance Services on: Twitter | LinkedIn | YouTube

Media Contact:

Joshua Clifton
Vice President, Marketing and Communications
312-736-2351 (office)
773-230-1304 (mobile)
joshua.clifton@tmhighland.com

Tokio Marine Highland Announces Launch of Contractors Equipment Coverage

Tokio Marine Highland today announced the launch of a new Contractors Equipment product designed to provide the trusted and comprehensive coverage contractors need to protect their valuable equipment. The new and modern policy form offers broad protection and the convenience of scheduled or blanket reporting coverage.

Tokio Marine Highland is a wholly owned company of Tokio Marine Kiln, is a leading managing general agent that offers a broad suite of insurance products and specialty risk management solutions tailored to the needs of today’s construction industry. Since launching a Builders Risk program in 2015, Highland has enhanced its offerings and grown the company’s annual written premium to more than $100 million.

“We’re excited to expand our capabilities with our new Contractors Equipment product,” said Rick Girden, President of Tokio Marine Highland’s Construction Division. “Our simplified policy form is clear and easy to understand, and backed by the same underwriting expertise and unrivaled customer service that our broker partners have come to know and expect.”

Highland’s Contractors Equipment coverage features include:

  • Up to $10 million loss limits
  • $5,000 minimum premium
  • No co-insurance penalties
  • Automatic replacement cost coverage on equipment five years or newer
  • Blanket loss payee language built into form for fast certificate issuance

Target classes for the coverage include:

  • General Contractors
  • Street and Road, Including Batch Plants
  • Oil and Gas Servicing
  • Bridge Builders
  • Demolition
  • Open Pit and Above Ground Mining
  • Recycling
  • Water and Sewer Cut and Cover
  • Land Development
  • Pipelines

About Tokio Marine Highland

Tokio Marine Highland is a leading property and casualty underwriting agency that offers distinct specialty risk management solutions, including private flood, construction, fine art, specialty property, real estate investment and lender-placed insurance. Tokio Marine Highland also includes Precise Adjustments, a wholly owned subsidiary that provides industry-leading claims capabilities.

Founded in 1962, Tokio Marine Highland Insurance Services, Inc. (formerly WNC Insurance Services, Inc.) is a wholly owned company of Tokio Marine Kiln, one of the largest carriers in the Lloyd’s of London insurance market, rated A+ by Standard & Poor’s for financial strength, and a member of the Tokio Marine Group. Tokio Marine Highland’s home office is located in Chicago, IL, with operating centers in Dallas, TX, Irvine, CA, Miami, FL, Naperville, IL, and South Pasadena, CA.

For more information, visit our website at www.tokiomarinehighland.com.

Follow WNC Insurance Services on: Twitter | LinkedIn | YouTube

Media Contact:

Joshua Clifton
Vice President, Marketing and Communications
312-736-2351 (office)
773-230-1304 (mobile)
joshua.clifton@tmhighland.com

Spring Temperatures, Melting Snow and Heavy Rain Bring Catastrophic Flooding: Are Your Customers Prepared?

Spring is right around the corner. While many areas of the country welcome the end of snow season and cold temperatures, it is important for your clients to be aware of the increased risks of flooding due to warmer weather, melting snow and heavy rains.

Rapid snowmelt and heavy rainfall from the recent bomb cyclone have led to historic and catastrophic flooding across the Plains and Midwest. According to the National Weather Service, more than 40 communities in Nebraska, Iowa, Wisconsin, Minnesota, South Dakota and Illinois are experiencing record high river levels that have devastated towns and forced thousands to evacuate their homes.

While the elevated risk of flooding in spring isn’t new, some areas of the country may be experiencing the most significant flooding on record, and according to weather experts, the trend is only likely to continue and grow more severe. Extreme weather events are increasing in frequency and intensity, and studies have found that over the past two decades, heavy precipitation events have been increasingly above average, particularly in the Midwest, Great Plains and Northeast.

Your Customers Are Likely at Risk Without the Necessary Coverage

When working with your customers, it is important to consider the following:

One out of every four of your customers will likely experience a flood event.

In areas of moderate to high risk, there is a 26 percent chance of experiencing a flood over the term of a 30-year mortgage. According to the Federal Emergency Management Agency (FEMA), more than 20 percent of flood insurance claims occur in moderate-to-low-risk zones.

Flood damage is costly, yet less than 20 percent of homeowners are protected.

Flood damage is not traditionally covered under a homeowners insurance policy, and the results can be devastating. Only one inch of water in a home can cost more than $25,000 in damage. Yet only an estimated one out of every six households in the U.S. have flood insurance. Do you know if your customers are protected?

The Right Time for Private Flood Insurance

It has never been a better time to talk to your customers about the risk of spring flooding and the private flood insurance solutions that are available to help protect their valuable property. For more than 25 years, Tokio Marine Highland has been at the forefront of private flood insurance. That’s why you can be confident in presenting your customers with our specialized products and innovative solutions to protect against devastating flood loss.

The private flood market offers a wider range of options, competitive rates and better coverages than provided under the National Flood Insurance Program. Contact us today to learn more. We can quote your potential target risks and answer any questions you and your customers may have about options.

Email us at PrivateFloodSolution@tmhighland.com or visit our website to learn more about our comprehensive flood offerings.