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 ‭(Hidden)‬ Catalog-Item Reuse

Neptune Flood Expands Coverage to Include All NFIP Classes

Neptune Commercial Flood Insurance expands its flood insurance products to include all NFIP product types. Products include residential condominium building associations, apartment buildings, co-ops, hotels, motels and inns.
Sponsored by

PRODUCT: Neptune Commercial Flood Insurance and Neptune RCBAP Flood Insurance

COMPANIES: Neptune, Lloyds and AXA XL

AVAILABILITY: Available to agents and brokers appointed with Neptune.

FOCUS: Neptune Flood, an artificial-intelligence-driven flood insurance company that provides fast, easy and better flood insurance, announced the expansion of its flood insurance products to now include all NFIP product types.

Neptune, which has previously offered flood insurance for family homes and Main Street businesses, has added a Residential Condominium Building Association Policy (RCBAP), along with policies for apartment buildings, co-ops, hotels, motels and inns.

“With nearly 50,000 residential flood insurance policies all across the United States, we listened to our agents and expanded coverage to commercial lines," says Trevor Burgess, president & CEO, Neptune.

“It takes hours or even days to quote a commercial flood insurance policy," Burgess continues. “Neptune brings its instantaneous quote and bind process from residential flood to the commercial marketplace, saving agents and consumers time and money." 

COVERAGE DETAILS: Building coverage up to $2 million and contents coverage up to $500,000 with an option to add $25,000 in business interruption insurance that provides $500 a day for up to 50 days after a 14-day wait period. Additionally, unlike an NFIP policy, Neptune covers tenant improvement and betterments with no sublimit.

Coverage A ranges from $50,000 to $2 million and Coverage B ranges from $50,000 to $500,000, all of which are available in single-dollar increments. Available deductibles are $1,250, $2,000, $5,000, $10,000 and $25,000.

UNDERWRITING: There is no minimum and maximum square footage in X and A zones. In V zones, there is no minimum and the maximum is 12,500 square feet. RCBAP is currently not offered in V zones. For RCBAP, there is no coverage if the building has a basement. Elevation certificates are welcome but not required. Contents under RCBAP must be in the covered residential condominium building and be owned by the unit owners in common or owned by the association solely and used for the business of the association.

To quote, agents simply need to “enter an address, confirm it's not a repetitive flood loss property and they get a price—it's as easy as it gets," Burgess says. “At first, agents think there must be more to the process."


TARGET: U.S. Small Business Administration loan recipients and small and medium-sized businesses, particularly condominium associations and apartment building owners, looking to save money and properly insure their buildings.

COVERAGE AVAILABILITY: All U.S. states except Alaska and Kentucky.

CONTACT: Neptune support staff.

Will Jones is IA editor-in-chief.

This article was published in the January 2021 issue of Independent Agent magazine.