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The Guarantee launches two new water endorsements


March 28, 2017   by Canadian Underwriter


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The Guarantee Company of North America has announced two water endorsements, which came into effect on Monday for new businesses and on May 23 for renewals.

The GUARANTEE GOLD H2O+ and Guarantee SUPERIOR H2O+ endorsements are comprehensive, read-in coverage that sit on top of existing sewer back-up coverage in every residential policy, The Guarantee said in a press release on Monday. The coverage is designed to offer “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 added that 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.”

Developing a partnership with flood modelling experts Aon Benfield & Impact Forecasting, The Guarantee is able to access technology that assesses the individual geographical area of virtually the entire Canadian population for flood risk, The Guarantee claimed.  The use of such sophisticated technology and refined methodology also allows the insurer to underwrite and price flood risks “with confidence.”

The Guarantee has also partnered with Opta Intelligence Services in offering a technological tool that gives brokers enhanced capabilities. While brokers can still utilize the GUARANTEE GOLD and Guarantee SUPERIOR underwriting teams as a quoting resource, they will also soon be able to calculate H2O+ premium instantly and directly through the use of Opta’s iClarify quoting tool, The Guarantee reported.

“Opta’s iClarify platform facilitates 95% of all real-time new business property quotes across Canada,” said Opta president Greg McCutcheon in the release. “We applaud the Guarantee’s progressive utilization of digital technology to empower their brokers and staff with the most accurate and best in class, geo-spatial flood protection solution.”

As this new coverage is being read-in to existing policies with sewer back-up, the customer will automatically be given improved coverage for the duration of the current term of their policy with no extra effort or expense.


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