SOURCE: Citon Insurance Company

September 12, 2008 09:30 ET

Insurance Industry Veteran Launches CITON Insurance Company With Innovative, 100 Percent Deductible Wind Plan

CITON's ZERO SELECT Gap Policy Available in Most Florida Locations Eight Days Prior to Storm Arrival

ORLANDO, FL and INDIANAPOLIS, IN--(Marketwire - September 12, 2008) - Kenneth M. Gregg, an insurance industry expert with more than a decade of experience in product development, has launched CITON Insurance Company with an unprecedented focus to mitigate escalating windstorm deductibles resulting from catastrophic events.

CITON's ZERO SELECT Wind Deductible Elimination Plan works in tandem with existing policies and fills a gap for the insured by covering 100 percent of windstorm deductibles up to $2 million (per building), if damages exceed the primary policy's deductible dollar amount. Available to both commercial and residential property owners, ZERO SELECT is the only 100 percent deductible elimination product on the market.

"With escalating claims resulting from catastrophic events such as hurricanes, tropical storms and tornadoes, more and more residential and commercial property owners are being forced to assume a greater financial burden in the form of higher deductibles, leaving them extremely vulnerable when such events occur," said Gregg, founder and CEO. "We created the ZERO SELECT product to minimize the risk, provide more balance and protect property owners from having to write substantial checks just to start the process of rebuilding."

The policy, which Gregg spent two years developing to combat growing concerns with ballooning deductibles, is currently available in most Florida regions, but will expand to additional at-risk states in 2009. Residential rates average four-and-a-half to seven percent of covered risk (windstorm deductible) outside South Florida and four-and-a-half to ten percent in South Florida. Commercial clients should average four-and-a-half to seven percent.

In addition to the ZERO SELECT product, CITON has developed a streamlined, proprietary online underwriting system which minimizes paperwork and ensures rapid approvals.

"Typically when a policy holder has a claim, all it takes is one call to open it, one fax to CITON with an adjuster estimate and proof of payment from the primary insureds. Upon approval CITON will issue payment within 48 hours for all approved claims," noted Gregg. "Our system provides peace of mind by helping policyholders avoid unexpected expenses while dealing with the unfortunate aftermath of a catastrophic wind event."

The actual insurance is written through independent insurance agencies throughout Florida. The underwriter is A-minus AM Best-rated Hallmark Specialty Insurance Company, which is licensed to write in Florida. It is a division of Hallmark Financial Services.

CITON Insurance Company (, founded by Chairman and CEO Kenneth Gregg, provides catastrophic insurance with a specialization in niche products. Established out of a desire to help those in their time of need, management understands the limitations that conventional insurance has during a catastrophic event. CITON's maiden product, ZERO SELECT Wind Deductible Elimination Plan, is the first of many products CITON will begin marketing. This particular product fills a gap for the insured by covering 100% of the deductible if damage estimates exceed the deductible dollar amount. This product is currently only available in select Florida regions but will expand to additional at-risk states in 2009. For more information call (888) 317-2544.

EDITOR'S NOTE: CITON Insurance Company CEO and Chairman Kenneth Gregg is available for interviews as are company agents throughout the state of Florida.

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