(Image credit: Skeeze.)
The North Carolina Rate Bureau (NCRB, Raleigh) has chosen Verisk (Jersey City, N.J.), a provider of data and analytics solutions to the insurance industry, to help develop a new program aimed at protecting homeowners from losses suffered due to the damaging effects of flooding.
Verisk reports that the NCRB selected the vendor because its ISO business has been a leader in providing broad, flexible, and court-tested policy language. The new program’s forms closely align with language ISO has already filed in numerous states as part of its multi-state flood program, and they track with standard homeowners policy language in a way that facilitates individual insurers offering coverage beyond the National Flood Insurance Program (NFIP).
“Major storms in the past few years have highlighted the need for an expanded flood insurance market in North Carolina,” comments Ray Evans, General Manager, NCRB. “By assisting with policy language, Verisk has played a key role in helping us make critical flood insurance available to more of the state’s population.”
“Our policy forms are consumer-friendly with language generally similar to the standard homeowners policy most consumers know,” comments Marc Treacy, managing director of flood insurance, Verisk. “The NCRB’s new program will feature coverages that homeowners can understand and embrace.”
Verisk says that its ISO subsidiary constantly tracks insurance legislation and court cases and updates a vast library of policy language, ratings, and rules to cover the latest risks. “These programs constitute a range of core services that help regulators make sure policies meet basic coverage expectations, simplify claim settlements, and assist insurers in entering new markets and lines of business,” a vendor statement says.