Recent shifts in weather patterns have led to a significant rise in wind, hail, and named storm claims, placing increased financial strain on policyholders as deductibles continue to rise.
To address these challenges, we are excited to introduce our Wind/Hail/Flood/Earthquake Deductible Buy Back (DBB) Program, developed in collaboration with Lockton (London), the London Facilities and Binders Team, and Aegis Syndicate at Lloyd’s.
This innovative solution enables insureds to reduce their deductible percentages, making coverage more financially manageable while ensuring compliance with lender requirements.
Key Benefits of the DBB Policy
- Financial Protection – Lowers deductibles for wind, hail, flood, earthquake, and named storm claims under an all-risk property insurance program.
- Lender Compliance – Meets bank and lender mandates for reduced retention to satisfy financing agreements.
Coverage Highlights
- Covers windstorms, hurricanes, floods, and earthquakes, including high-risk coastal and inland areas prone to tornadoes and hail.
- Maximum risk limit: Up to $3 million.
- No minimum premium requirements.
- Minimum retention:
- $5,000 per occurrence for policies with a Total Insured Value (TIV) below $25 million.
- $10,000 per occurrence for policies with a TIV above $25 million.
- Available nationwide (all 50 states).
- Follow-form structure that aligns with the overlying property policy.
- Streamlined access via our award-winning digital quote-and-bind platform.
- Broad applicability with proven success in condos, multi-family housing, hotels, offices, and retail properties.
The Growing Cost of Weather-Related Disasters
- 341 billion-dollar disasters in the U.S. since 1980, totaling $2.48 trillion in damages.
- 5.3 billion-dollar disasters (severe storms, tropical cyclones, and floods) per year on average since 1980.
- $57.8 billion – the annual average cost of these disasters since 1980.
Why Choose Our Program?
- Instant Access to Bindable Quotes & Policies – Save valuable time with quick processing.
- Customizable Policy Documents – White-label branding options for brokers and agents.
- Sales & Marketing Support – Resources to help optimize business growth.
Quote Requirements
To provide a quote, we require the following information:
- Full address of the insured property
- Loss history
- Total insured value (TIV)
- Existing deductible amounts
- Desired deductible buy-down requirements
- Underlying property policy at the time of binding
For more details or to request a quote, contact us today.