October 5, 2016 by Canadian Underwriter
Mississauga, Ont.-based Unica Insurance announced on Wednesday the launch of WATERtight protection, what it is calling “a comprehensive solution for water damage losses.”
WATERtight protection is a single-product offering that provides coverage for damage caused by overland flooding, ground water, surface water and sewer backup, Unica said in a press release. The coverage is available on Unica’s homeowners, condominium, seasonal homeowner, tenant and rented dwelling products.
Available in the “vast majority of regions throughout Ontario,” the product provides “unique coverage in the event of prohibited access or mass evacuation and additional living expenses for flood.
“Ease of doing business is a guiding principle at Unica, and nowhere is that more important than in the development of new products and coverages like WATERtight™ protection,” Dave Smiley, vice president of operations at Unica, said in the release. “By eliminating the confusion and potential coverage shortfalls inherent in build-your-own solutions, we can provide our brokers and customers with the peace of mind only a comprehensive, one-stop coverage solution can deliver.”
Impact Forecasting, Aon Benfield’s catastrophe model development team, said in a statement that Aon data empowers the product. “By taking data on frequency, severity and location from the model, Impact Forecasting was able to help Unica calculate its primary rates by identifying the flood risk around individual properties,” the statement said.
Founded in 1955, Unica Insurance Inc. is a subsidiary of La Capitale General Insurance, a major Canadian property & casualty insurer. From its office in Mississauga, Unica offers insurance solutions to protect consumers’ homes, vehicles and businesses. Unica distributes its products exclusively through a network of professional insurance brokers throughout Ontario.