United Surety & Indemnity Company (USIC) offers a variety of policies that range from homeowners policy, condominium, flood, and builder’s risk policy. USIC is a Puerto Rican company and started in 1990 with the main purpose to offer miscellaneous securities. It was rebranded to USIC Group, Inc and in 2002 it diversified to offer other products, with one being Flood policy.
Private USIC Flood Policy
This policy covers eligible residents within the standard (National Flood Insurance Program (NFIP) from flood risks. The policy only requires flexible enrollment requirements, it is much broader and offers lower rates compared to NFIP. It also does not include the $40.00 federal service charge, making the policy more economical. Additionally, it includes vandalism of the structure without paying extra fee. It also provides a compensation limit at $1,000,000, four times more compared to NFIP which currently stand at $250,000.
National Flood Insurance Program (NFIP) Flood Risk Policy
This policy is provided by USIC and issued through the National Flood Insurance Program (NFIP). This policy is designed to cover Homeowners Policy, Condominium Policy, General Property/Goods, and is administered by FEMA. Under Homeowners Policy, it covers any damage caused to the structure. Under the Excess Condominium Policy, it covers condominium units if the condominium has a master policy. In case of a damage, USIC will pay for the difference in the amount stipulated by the bank based on the appraisal and the participation amount of the master policy. Under the Condominium Unit Owners Policy, it is used to cover condominium if it does not have a master policy. The owner may be required to add an extra $10,000 in order to cover some household belongings inside the structure which are not initially covered.
This policy is offered under federal flood insurance making the issuance and claims service to be promptly given, and also helps you to expand your range of coverage and services. When covering both commercial and residential building programs, the structure needs to be eligible and located in participating NFIP communities.
Builder’s Risk Policy
This policy covers construction of new projects or renovation of a structure. This policy is designed to address mainly the damage that may be caused by flooding and other factors. In case of flooding the policy may be subject to deductibles and sub-limits, this is determined by the needs of the client.
Filing Claims with United Surety and Indemnity Company
You can make claims to United Surety & Indemnity Company to get compensated in the event of a damage. The company opens from Monday -Friday, and you can call them through their physical address at Santander Tower, Guaynabo, Puerto Rico 00968; or through mail at PO Box 2111, San Juan, PR 00922-2111; or telephone – 787-273-1818/ 787-783-8232. You can also contact them through the internet via their website, fill a form and they will get back to you.
