What does EZ Flood Standard cover?
What does EZ Flood Preferred cover?
EZ Flood Standard provides the same or greater coverage as the policy offered by the NFIP with the addition of coverage for catastrophic ground collapse.
Do you recommend EZ Flood Standard or EZ Flood Preferred over an NFIP policy?
EZ Flood Preferred coverage is the same or greater as that offered by the NFIP PRP with the addition of earthquake coverage in Florida.
Can I purchase an EZ Flood Standard or EZ Flood
Preferred policy as well as an NFIP flood policy?
NFS Edge Insurance Agency does not provide advice on which coverage to purchase. As an Agent, you should discuss the options with your insured to help them determine which policy best meet their needs.
We already offer excess flood coverage, does
FloodWrap replace that product?
No, the EZ Flood Standard and EZ Flood Preferred are alternatives to the NFIP flood policy.
Can you buy FloodWrap without FloodWrap Excess
Can I add FloodWrap on top of the NFIP policy at mid-term?
Does FloodWrap have to be attached to the NFIP policy or can it be purchased alone?
FloodWrap Excess bundles the coverages in FloodWrap with Excess Flood building limits up to $500,000 above NFIP limits and is underwritten by Voyager Indemnity, an A.M. Best “A” rated surplus lines carrier.
Standard Excess Flood is a standalone product that provides coverage limits up to $5 million in combined building and contents coverage, above NFIP limits. Standard Excess is underwritten by underwriters at Lloyd’s, London — A.M. Best Rated “A.”
Is FloodWrap unique? Can we purchase it elsewhere?
FloodWrap and FloodWrap Excess must be written above the NFIP flood policy. Should the NFIP policy cancel, renewal of the FloodWrap policy is not offered.
Who underwrites EZ Flood Standard?
FloodWrap is unique in providing complementary, high-demand coverages serving the broader market. This product is only available through NFS Edge.
Who underwrites EZ Flood Preferred?
EZ Flood Standard is written by certain syndicates participating in the Lloyd’s of London marketplace and by Chubb, a domestic surplus lines insurance carrier.
Who underwrites FloodWrap?
EZ Flood Preferred is written by various syndicates of
Lloyd’s of London.
Who is the carrier for Excess Flood?
FloodWrap is written by Voyager Indemnity Insurance
Company, an A.M. Best “A” rated surplus lines carrier.
Is there a difference between the Lloyds’ 80% co- insurance clause and the USA’s 80% co-insurance clause and why is it important to understand?
Certain underwriters at Lloyd’s, London — A.M. Best Rated A.
Why is EZ Flood Standard not an option for every flood quote?
Yes, there is a difference. This co-insurance clause is different from the USA 80% co-insurance clause. As long as the total insurable value (TIV) listed on the application is within 80% of the TIV at the time of the loss—there is no co-insurance penalty. However, if the TIV listed on the application is not within 80% of the TIV at time of loss, then the loss would be reduced in the same proportion that the value declared to 80% to the TIV at the time of said loss.
Is there a waiting period for the EZ Flood Standard or
EZ Flood Preferred policy to go into force?
EZ Flood Standard is designed to provide a simple flood underwriting solution to specific properties. Not every property and not every property location qualifies for EZ Flood Standard.
Is there a waiting period on FloodWrap like there is with the NFIP?
There is no waiting period if purchased during the loan closing; otherwise there is a 15-day waiting period.
Can I cancel FloodWrap at any time and for any reason?
Yes. There is a 30-day wait; however, if the FloodWrap policy is purchased at the same time as the NFIP policy, the effective date will be the same as the primary flood policy.
How should I report a claim on my EZ Flood Standard or EZ Flood Preferred policy?
Yes, FloodWrap may be cancelled at any time and for any reason as it does not follow the same cancellation reasons as the NFIP. Returned premium is calculated on a pro rata basis and policy fees are returned if cancelled within 15 days of the effective date of the policy.
Is the claims process for FloodWrap the same as for the NFIP?
The claims reporting number is provided on the declaration page. The policyholder can contact that number directly, or contact their agent to report the claim.
How are claims for FloodWrap submitted and paid?
The claims process will be aligned with the NFIP claims process. Either National Flood Services (NFS) or the insurer will coordinate the claims for both products to ensure a seamless process.
What is the deductible for an EZ Flood Standard policy?
Upon first notice of loss, NFS Edge flags any NFIP policy that has FloodWrap attached and the adjuster is notified that there is a FloodWrap policy. The FloodWrap claim should be set up at the same time. However, the claim will be managed in a separate system so any phone calls regarding an active claim will need to be directed to the Claims Department.
What is the deductible for an EZ Flood Preferred policy?
The base deductible is $5,000. The optional deductible (for premium) is $2,000. Deductibles apply separately to building and contents coverage.
What is the deductible for a FloodWrap policy?
The base deductible is $1,250 for buildings with replacement cost value of $250,000 or less. The base deductible is $2,000 for buildings with replacement cost value greater than $250,000. The optional deductible (premium credit applies) is $5,000. Deductibles apply separately to building and contents coverage.
What is the deductible for an Excess Flood policy?
There is no additional deductible.
When is the soonest Excess Flood coverage may be bound by NFS Edge?
There is no additional deductible, Excess Flood coverage pays for all covered loss incurred above the applicable NFIP coverage limits.
Is there a minimum premium for Excess Flood?
Coverage is bound the day after receipt of all required documents and payment in full, as long as the primary policy is in force, the agency is contracted by NFS Edge and the NFS Edge Underwriter binds the coverage, weather permitting.
Is there a minimum earned premium for Excess Flood?
Yes, $350 plus fees and taxes, except in North Carolina and Connecticut.
- $1,000 plus fees and taxes in Connecticut
- $2,500 plus fees and taxes in North Carolina
Do you write negative elections for Excess Flood?
If the primary flood policy is using a grandfathered zone, will the Excess Flood Policy be rated using that zone?
Yes, once bound, the minimum earned premium is 25% in all states, except Florida.
- In Florida, it’s 50% plus fees and tax
- The policy administrative charge is fully earned after 15 days
Is Excess Flood coverage available for condominium buildings or units?
No, the Excess Flood policy must be rated using the current flood zone rating as defined by the Flood Insurance Rate Map (FIRM).
Can I purchase contents coverage without purchasing building coverage?
No, Excess Flood is not available for condominium buildings or units.
Is contents coverage available for non-residential properties?
No, contents-only coverage is not available.
Is there a limit on the amount of contents coverage available?
No, contents coverage is available only for residential properties.
Can I write Excess Flood over a NFIP policy at mid-term?
Is EZ Flood Standard, EZ Flood Preferred, FloodWrap, Excess Flood admitted or non-admitted?
Yes, the maximum contents limit available for residential post-FIRM properties is 50% of the building, up to a maximum of $1 million. The maximum contents limit available for residential pre-FIRM properties is 50% of the building, up to a maximum of $250,000.
What are the details of the Loss of Use / Additional
Living Expense feature and how does it work?
EZ Flood Standard, EZ Flood Preferred, FloodWrap and
Excess Flood are all non-admitted.
Loss of use pays up to $100 per day, not to exceed $2,000 per month or a total of $20,000 per occurrence. It can apply towards reimbursement of Additional Living Expenses or it could be applied towards the insured’s monthly mortgage payment (principal and interest).