While Burgess identified a significant market opportunity, he stressed the hard part was “getting it right.” Most of those six million policies are through the federal National Flood Insurance Program – and Neptune’s leadership decided to offer an alternative by targeting the other 90% of households they believe should have coverage. He relayed there are around six million flood insurance policies in the U.S., although he believes that number should be closer to 60 million. He explained that the platform is fully automated and utilizes artificial intelligence and machine learning to efficiently deliver its products.īurgess said he believed in Neptune’s potential for success due to market research. Neptune remains a tech-first company, which Burgess said sets it apart from other insurance agencies. “And our ability to leverage that technology to serve our clients and grow our business.” “To be a company as large as we are, with only 39 employees, really tells you something about the technology investments that we’ve made,” he added. That foundation allows the platform to keep a small team, despite its national reach. Now expanding his own business, Burgess said Neptune’s success stems from utilizing technology to build the company from scratch. He said doing that across two separate industries is especially rewarding, particularly for someone who spent the first part of their career helping other entrepreneurs grow their companies. File photo.īurgess credited his ability to identify business opportunities and rally talented people around the idea for reaching the milestone. Jim Albert (left), founder and chairman of Neptune Flood, and Trevor Burgess, president and CEO. 5000, you’re probably officially qualified as a serial entrepreneur.” “I think if you’ve had two companies on the Inc. “There’s this term, ‘serial entrepreneur,’ and I was thinking about how do I qualify for that,” he said lightheartedly. ![]() While it never ranked as high as his latest company – among the top 5% of all private businesses – Burgess said he is getting better with age. 5000 in 20.īurgess sold C1 Bank before purchasing a controlling stake in Neptune in January 2018. Before assuming the helm at Neptune in December 2019, his prior entrepreneurial venture – C1 Bank, also headquartered in St. The recent designation has an added meaning for Burgess, as it marks his second company to appear on the list. Petersburg, Florida, and to have been the fastest-growing company in St. “And we’re super proud to have built that in St. “More than anything, it’s just recognition of the hard work the team has put in to build the company we’ve built,” said Trevor Burgess, president and CEO. Petersburg was Neptune Flood Insurance at 205.įounded in 2016 and launched in 2018, Neptune Flood merges technology, math algorithms and industry expertise to create an intuitive platform that offers affordable, on-demand coverage.įour years later, the insurtech firm is the nation’s largest digital flood insurance provider with over 125,000 clients across every state except Kentucky and Alaska. 5000 list of the fastest-growing private companies in America leading the way for St. Certain valuables like art (subject to a special limit)ġ.Several Tampa Bay businesses recently made the Inc. Some portable appliances freezers and the foods within them Clothing, furniture and electronics curtains Other detached structures will require a separate policy.Ĭoverage B – Personal Property Coverage has a maximum limit of $500,000 What this typically provides coverage for: This is typically paid out at Actual Cash Value (which is replacement cost minus depreciation). attached bookcases, cabinets and panelingĭetached Garage – this coverage is limited to no more than 10 percent of the limit of liability on the “Dwelling”. The main property is paid out on a replacement cost basis if you insured 80% to value or greater (what it would cost to rebuild the home) otherwise it would be paid on actual cash value (replacement cost minus depreciation).Ĭoverage A – Dwelling Property Coverage has a maximum limit of $2,000,000 What this typically provides coverage for: The basic coverage options are for your property and/or your personal property, described in more detail below:
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