The Florida Underwriter reports that "an Indianapolis agency is trying to solve one of Florida ’s insurance problems – the large deductible required in homeowners’ and commercial property coverages . CITON Agency’s ZERO SELECT Wind Deductible Elimination Plan will pay 100 percent of the total homeowners’ or commercial policy’s deductible if damage estimates from a named storm or event exceed the deductible dollar amount. Kenneth Gregg, CEO and chairman of the Indiana-based company, said he spent two years designing and developing the hurricane/wind deductible elimination product.

“'Our intent is to cover any wind or hurricane deductibles out there,' Gregg told the Florida Underwriter. 'As long as they have primary coverage in place, we will write it...Even as a storm is rushing toward the state... We’ll write it...But if it makes landfall within seven days, it’s not covered. On day eight, it is covered.'”

See the company's  Internet site:

www.Citoninsurance.com

Here is a news release announcing the product:

CITON Launches Innovative Hurricane/Wind Deductible Elimination Product in Florida

INDIANAPOLIS, IN. - CITON Group has launched an innovative new hurricane/wind deductible elimination product designed to fill a gap for current policy holders and protect them in their time of need.  ZERO SELECT Wind Deductible Elimination Plan will pay 100% of the total deductible if damage estimates exceed the deductible dollar amount.

With 2008 projected to be a busier than average hurricane season, now is the perfect time to provide some much needed protection to homeowners, commercial residential and commercial business property owners.  This is comforting considering that over the last five years there have been more than 6 million catastrophic hurricane claims in the U.S. totaling more than $86 billion in losses (source: ISO’s Property Claim Services Unit).

“The consumer holds a tremendous risk given that deductible amounts continue to climb,” said Chairman and CEO Kenneth Gregg. 

“I had a friend from the Ft. Meyer’s area who called me after experiencing one of the ’05 hurricanes,” noted Gregg. “His deductible was $25,000 and the damage estimates put the cost at over $50,000.  He didn’t have an extra $25,000 to pay off his deductible.  This was quite disconcerting for both me and my friend.”

Gregg, a veteran of the insurance industry, spent two years designing and developing the product that agents can provide current insurance policy holders.  Gregg’s industry knowledge has also allowed him to develop a process that addresses customer’s biggest concern in the insurance process: paperwork.

Our underwriting process is simple,” he said. “We developed a streamlined, online underwriting system, which features limited documentation requirements and makes for a quick approval.”
In addition, processing a claim requires only one phone call and one fax.  Accepted claims are processed in 48-hours.  Gregg is certain that this new product line will enable a return to life and business quickly with minimal inconvenience and cost.

CITON has created strategic relationships with several MGA’s in the Florida area and will expand those relationships to other markets throughout the summer. Agents can access CITON’s hurricane/wind deductible elimination product through one of the MGA’s or directly through CITON at www.citoninsurance.com.

“The reception from the agents so far has been overwhelming,” states Gregg. “They understand that this is another item in their tool box to meet the needs of their clients. As consumers find out about the product we expect them to drive demand  even further.”

Gregg urges all hurricane/wind policy holders to contact their agents and ask about the new ZERO SELECT Wind Deductible Elimination Plan. 

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For more information, contact Darrin Brooks at 317-818-7605