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Wilshire Plans to Expand its Private Sector Flood Insurance Business.(Brief Article)
Wilshire National Corp., a flood services subsidiary of WNC Insurance Services Inc. is projecting an expansion of its Private Flood Insurance Program into an additional 10 states by the end of 2002.
California and Florida are the only states where borrowers can currently obtain the program.
"The PFIP was developed out of a need we saw in the marketplace," said Carl Herrmann III, president and chief operating officer of WNC.
The PFIP is meant to be an alternative to the National Flood Insurance Program and has several options currently nonexistent in the NFIP, according to Mr. Herrmann.
Among these options are:
*A residential condominium building association policy.
*A temporary dwelling residence allowance, if a flood makes the (borrower's) dwelling uninhabitable.
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Source: HighBeam Research, Wilshire Plans to Expand its Private Sector Flood Insurance...