USA - MGA ShoreOne launches to tackle inadequate flood coverage
Innovation in the flood insurance market.
ShoreOne, a new Massachusetts-based managing general agent, has announced its launch, combining traditional homeowners insurance with full flood coverage in a single policy.
Its combined policy has been described as capable of filling the coverage gap affecting 4.8 million National Flood Insurance Program (NFIP) policyholders.
ShoreOne will start in South Carolina, a state exposed to significant flood risk. Currently, homeowners have limited choices to purchase flood insurance outside of the NFIP.
Using proprietary risk modelling, ShoreOne’s technology platform is reported to enable agents to issue a complete policy in under one minute.
Meanwhile, ShoreOne inspections validate policyholder information, verify that coverage is adequate, and identify any immediate hazards that a responsible homeowner should address.
ShoreOne is led by a management team that includes Nick Steffey as Chief Executive Officer; Cameron Rhodes, President & Chief Ooperating officer; Zachary Smith, Vice President of Risk Management; and Satvinder Dhami, Vice President of Administration.
“Home is a family’s greatest asset and protecting that is extremely rewarding,” said Steffey. “It is exciting to be part of a team who has developed a solution for so many uninsured and underinsured coastal homeowners.”