Floods shutter doors
Let’s get more businesses covered
Bridging a critical coverage gap
FEMA estimates that 40 percent of businesses shuttered after a flood or other destructive event are never able to reopen. While National Flood Insurance Program (NFIP) coverage insures high-risk flood zones, the take-up rate outside of these zones is lagging, 70 percent of business owners with annual revenue below $500,000 have no flood coverage at all*
*Munich Re Agent Survey, Gary Hodge, American Modern on December 20, 2016.
Commercial Flood Coverage Endorsement
Recognizing the deep risk to small business owners, Munich Re developed a commercial lines flood coverage product for insurance companies to provide to their policyholders. With the average commercial flood claim totaling $89,000 from 2011-2014**, our Commercial Flood Coverage Endorsement addresses the need for flexible, economical commercial flood coverage.
**Federal Emergency Management Agency, “Business and Other Non-Residential Flood Insurance Policies: What Insurance Agents Should Know,” July 2016.
- Offered as a private-labeled endorsement
- Off-the-shelf ready for ISO participating companies
– Customization available for non-ISO companies
- Coverage is written on a first dollar basis
- Covers the building, business personal property, business income, extra expense, and debris removal
- Up to 100 percent quota share treaty reinsurance for the endorsement
– Risk assessment
– Marketing Support
– Advanced flood modeling science with 10-meter grid resolution
– Custom Application Programming Interface (API) developed for agents
– API delivers fast and seamless eligibility and pricing determinations
– Flood hazard calculations include riverine and surface flooding