The Guarantee announces launch of H2O+ water protection
The Guarantee Company of North America (The Guarantee) announces the impending launch of their much anticipated water endorsement, H2O+, scheduled to take effect on March 27, 2017 for new business and May 23, 2017 for renewals. This comprehensive coverage, read-in as of March 27, 2017 until each policy renews, sits on top of existing sewer back-up coverage in every home based policy and is designed to complement their suite of residential products, offering complete water protection for all policyholders. Addressing the gaps in coverage many Canadians face related to the growing risk of unwanted water, this new endorsement covers fresh water flooding, damage caused by ground and surface water, and damage caused by waterborne ice.
“A customer’s home is generally their largest asset and is at the centre of their financial portfolio. The financial risk that our clients face today related to unwanted water and the devastation big water events can have on their home is unlike any other time in our history” says Marilyn Horrick, National Vice President, GUARANTEE GOLD®. “Water losses in all shapes and sizes have long been an issue for the insurance industry”, she states, “mostly related to dramatically changing climate and weather patterns. Now technology allows us to address water perils whether flowing or frozen”.
In addition to their quintessential client focussed approach, The Guarantee has kept their broker partners at the forefront of this vital new coverage:
“Ensuring the broker experience was front and centre, we worked with many brokers and obtained their feedback to ensure our product was clear, flexible and innovative and the process for quoting H2O+ was as efficient as possible. To deliver on this commitment to our brokers, we are delivering multiple means of quoting for them to choose from with plans to offer H2O+ quoting capability through either an online tool or direct from their broker rating system” says Ron Burns, Vice President, Guarantee SUPERIOR.
H2O+ was designed to provide coverage to all Guarantee personal line clients covering damage to dwellings, detached private structures, personal property and additional living expenses with flexible coverage options, multiple deductible options and fair, individualized pricing. To differentiate themselves in the Canadian marketplace and offer a best in class product, The Guarantee has partnered with the technological expertise of Aon Benfield, Impact Forecasting and Opta Information Intelligence to create an industry first product offering.
Further announcements containing additional details on this exciting new offering will be coming soon.