We currently use over 15 different PMF carriers and markets. We have painstakingly searched the marketplace for the best carriers available. We are constantly adding new markets.
Most of them are surplus lines carriers. A surplus lines insurance carrier protects against a financial risk that is too high for a regular insurance company. Surplus lines carriers are generally not licensed in the state. Meaning, they do not partake in the state’s guarantee fund. Basically, if an insurance carrier goes “belly-up”, the state has a guarantee fund. Surplus lines carriers are not in this fund. That said, we choose carriers that are financially strong and have at least an “A” rating by AM Best, Moody’s and Standard & Poor’s.
Several of our markets use Lloyds of London. The technical term for Lloyds is “Certain Underwriters at Lloyds of London”. There are hundreds if not thousands of Lloyds syndicates. In lay terms, it is a group of underwriters agreeing to take a portion of a risk. There can be one underwriter or several dozen that enjoin together to accept a risk. So, we have probably a half dozen different Lloyds syndicates that we work with. So, if you are in Lloyds now, chances are that our rate would be very different than yours. We also work with a few admitted carriers.
Give us a call at: (508) 997-3321 or visit our website at: https://coastalinsurancema.com/get-a-quote-flood-insurance/