FLOOD INSURANCE
There’s a lot you can do to stay above water.
Flood damage can be devastating, and flood events have become increasingly more frequent—even in areas previously considered less susceptible. Too often, businesses find out after the fact that their policies do not cover flood damage.
Consider our flood insurance services.
Know your coverage and risk. A general insurance policy typically does not cover claims for flood damage. Flood coverage is often only available through the National Flood Insurance Program (NFIP).
If your commercial property is in a potential flood area and you have a mortgage from a federally regulated or insured lender, you are required to purchase flood insurance. However, the NFIP reports that one-third of all annual claims paid are for policies in low-risk communities. Because new land development can increase flood risk by changing natural runoff patterns, it is a good idea to purchase flood insurance even if you are not near a large body of water.
What coverages are available under flood insurance?
Flood insurance policies cover the physical building structure and its contents. Structural elements covered include the foundation, floors and ceilings, HVAC, electrical and plumbing systems, among others. Contents coverage includes equipment and machinery, inventory, furniture, and fixtures. Typical NFIP commercial flood insurance policies cover structure and contents separately, up to $500,000 each for direct physical damage.
We’re here to help you succeed.
Let Marshall+Sterling help you determine the right flood insurance for your organization. Reach out to us today to learn more.
Other solutions from Marshall+Sterling.
Employee Health and Benefits
We provide our clients with a wide array of choices for cost-competitive programs throughout the insurance industry.
Retirement and Wealth
Dedicated to simplifying the complexities of the financial world and supporting you in achieving and protecting what matters most.
Personal Insurance
Whether for your home, auto, RV, or life and health, we have solutions to protect you from whatever life throws your way.
Equine, Farm, and Ranch Insurance
Our Equine Division specializes in personalized plans that encompass a full range of equine, farm, and ranch insurance coverage.