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Insight on Flood Insurance

Insight on Flood Insurance. Insight on Flood Insurance. Presented By: Insight Insurance Consulting, LLC. What this class will cover. Coverage gaps in “standard” property insurance Why the NFIP program was established Regulations governing NFIP Sources of Claims Eligible property

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Insight on Flood Insurance

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  1. Insight on Flood Insurance

  2. Insight on Flood Insurance Presented By: Insight Insurance Consulting, LLC

  3. What this class will cover • Coverage gaps in “standard” property insurance • Why the NFIP program was established • Regulations governing NFIP • Sources of Claims • Eligible property • Writing coverage through NFIP • Coverage provided by the NFIP policy

  4. Coverage Gaps in Standard Property Policies 4

  5. Standard Policies 5 • Commercial Property and Personal Lines property policies contain an exclusion for flood losses • Coverage still applies to certain types of water losses, such as a broken water pipe • Very restricted coverage • Some of these policies can include coverage for water or sump pump back up of overflow • Critical coverage that should always be requested

  6. Common Myths About NFIP 6

  7. The Facts About NFIP 7

  8. Summary • This can be a critical coverage need • Loss and no coverage can mean total devastation for a family or business • Whether the bank requires it or not, offer this coverage at each renewal • Protect your client AND reduce your E & O exposure

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