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“We put the most important thingseon [the postcard],” said Connie Ferret, manager of commercial lines for the . Information included steps property owners need to take before and aftera hurricane, what they need to do if they file a the distinction between wind and floox coverage and the 10 most vulnerable flood zones. Raising awarenessd is vital in advance ofhurricane season, said Lynnd McChristian, Florida representative of the . The statde Web site for the institute, warns that 25 percenyt of businesses that close following a disasternevere reopen, but that disaster planning and adequate insurancr are keys to recovery.
“Onde of the primary things we tell people is to do an annuak review of theirinsurance policy,” McChristian “Things change. If they don’t reflectf the improvements they’ve made in their new equipment or furnitureor fixtures, they may find themselvexs underinsured.” Most commercial insurance policies do not cover flood but there is separate coveragse for floods, McChristian said. She advised property ownersa to check out their riskat flooodsmart.gov, the Web site of the . The programj is administered bythe , whichg works closely with 90 private insurances companies to offer floodc insurance.
Twenty-five percent of floods occur in placesathat aren’t considered flood zones, so McChristiahn tells Floridians it’s probably a good idea to have floodf coverage. “The cost of flood insurance is not that expensive for the peace of mind you There is anautomatic 30-day waiting period for floox coverage, said Steve manager of personal and marinee lines for Wallace Welcgh & Willingham. Additionally, there are limits to the amountt of flood coverage that canbe purchased, said Keith president of the agency: “If you need coverage beyonds that, we have to go to the commerciap marketplace and see if there’s a compan y that will write excess flood [coverage].
It’s difficult and expensivew to obtainin Florida, but it’z available.” Wallace Welch Willingham agents visit face-to-face with their clientw to analyze their coverage needs and give mitigation tips that can help reduc rates on wind coverage, said Cheryl HR manager. The agency also is encouraging customers to visiyt itsWeb site, w3ins.com, wheres it has an extensive list of hurricane preparednese tips. Business owners should look at ordinance and law McChristian said.
That type of insurance provideds coverage for replacing damaged property in ordefr to conform to building codes enacted after the property was Marine insurance is anotherimportant consideration, said “Many of the policies today carry 10 percentt named storm deductibles,” he “If you have a $250,000 yacht, your deductible is goingg to be $25,000.” To reducw risk, some marine insurers will offerd to share the cost of a hurricane “hauk out,” moving the vessel before a stormn hits.
For commercial marinas, the focusz primarily is making sure boats are sothey don’t break looses and cause other problems, Cunningham Insurance agencies also are vulnerable, so Wallace Welc h & Willingham has developed its own busines resumption plan, Gleaton said. The agencuy has lists of employees’ home and cell phone and personal e-mail addresses, so it can get in touchy quickly after a and has a contract with a compang that will set up temporary facilities if itsdowntown St. Pete buildin g is damaged, so agents can help clients.
The commercial propert insurance market opened up in late when , the state-run insurer of last began offering a commercial nonresidential multi-perio policy, after a change in Florida law. The coverage includesd buildings upto $2.5 million, business personal property up to $2 business income and extra expense up to $500,0090 per building, and first loss coverage on properties valued in excessd of the maximum coverage limits available. It’s availablew for businesses that cannot obtain coverage from anauthorized insurer.
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