Aon unveils new flood cover for organisations hit by Hurricane Harvey
Re/insurance broker Aon has launched a flood coverage for organisations impacted by Hurricane Harvey, which made landfall on the Texas Gulf coast causing massive flooding in the region.
The company has unveiled an insurance product called Aon Flood Secure which will provide replacement coverage to US organisations that have impaired or exhausted aggregated flood limits on their property policies.
To help mitigate the risk of organisations being uninsured for future floods, the company has created a flood limit reinstatement product for its clients. It will provide pro-rata pricing for reinstated limits and terms of less than 12 months for subsequent or future events, according to the statement.
The company said that the product is designed to replace eroded or exhausted flood aggregate coverage and 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," said Rick Miller, US property practice leader of Aon Risk Solutions.
"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."
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