Are Your Clients Properly Covered for Hurricane Season?
When and where storms will hit, as well as, to what degree, will influence other factors such as flooding, fire, or loss of business. Instead of taking a gamble with your clients business or their assets, advise them to carry proper coverage at all times. Wind coverage should not be a luxury nor optional, since it is readily available at a reasonable cost. Insuring ones business or their personal home from the perils that exist is a serious matter.
We at Atlantic Specialty Lines are here to assist you and your clients with all their insurance needs. We have partnered with some of the strongest and most reliable companies that know and understand the perils that your clients face in the Mid-Atlantic and throughout the country. Our underwriters can help you understand and sell all the coverages and deductible options. They can help you determine if it is wise to carry separate deductibles, such as wind vs. named storm vs. all other perils deductible. If you have a policy with a 2, 3 or even 5% wind/hail deductible you may be paying a high dollar amount in this scenario, but if you have a policy with a named storm deductible and an all other perils deductible (including wind) such as Atlantic Specialty’s Lloyds Homeowners policy, you will only be responsible for your AOP deductible, typically $500, where as a wind/hail deductible policy on an average $250,000 home could cost you up to $12,500. In addition, for your commercial clients, our underwriters can provide % wind deductible options, based on the TIV or by the line of coverage. We can also provide your clients with deductible buy down policies for wind and flood. There are numerous options that can be tailored to your clients needs at an affordable price.
Business interruption, spoilage or loss of use coverage is vital after a storm, so understanding if the basic BOP you have in place for your clients restaurant covers those needs is the difference between a happy client and an E&O claim. Not only is there a waiting period of 30 days on flood policies, but if a storm is upon us, you stand the chance of running into a binding moratorium causing you to be unable to secure the needed wind or property coverage. Just as you would prepare yourself with bottled water and batteries, be sure to arm yourself with the proper coverage for yourself and your clients as well.