Government shutdown won’t stop Neptune Flood
Government shutdown won’t stop Neptune Flood | Insurance Business America
Catastrophe & Flood
Government shutdown won’t stop Neptune Flood
Company says it will continue writing policies if government shuts down
Catastrophe & Flood
By
Ryan Smith
Flood insurance provider Neptune Flood has announced that it will continue writing policies in 48 states and Washington, D.C., should the federal government shut down Sept. 30. A government shutdown would halt the issuance and renewal of flood insurance policies by the government’s National Flood Insurance Program (NFIP).
As a private flood insurance provider, Neptune Flood is unaffected by the possible shutdown and can continue writing policies, the company said.
“Neptune urges Congress to work together to fund the government and to prevent a shutdown of critical FEMA activities like the NFIP program, as the program plays a critical role in helping protect homeowners from the catastrophic risks of flooding,” said Trevor Burgess, CEO of Neptune Flood. “The National Association of Realtors alerted Congress that a government shutdown could jeopardize up to 1,300 property sales per day that rely on the NFIP for a mandatory flood insurance policy before closing. Neptune will be up and running through any shutdown, ready to write flood insurance across the United States.”
Neptune also offers higher coverage limits than the NFIP, and has no waiting period for real estate-related transactions, the company said.
“Neptune is large enough to help tens of thousands of additional American homeowners in case of a government shutdown,” said Jean-Luc Eckstein, Neptune chief customer officer. “Neptune protects over 165,000 homes and businesses with bank-accepted private flood insurance, and our team is ready to support agents and consumers in need.”
Last month, Neptune announced the successful renewal and expansion of its carrier relationships. The company also recently announced the appointment of Matthew Duffy as chief risk officer.
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