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. 

Product overview

  • 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
Turnkey implementation services
– Product development
– Pricing
– Risk assessment
– Marketing Support
InDepth® flood rating engine
– All locations rated on individual property’s unique risk score
– 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

The option they’ve been missing for the coverage they’ve been neglecting

Our Commercial Flood Coverage Endorsement is available to insurance clients with up to 100 percent quota share treaty reinsurance. It can be endorsed onto existing business owners or commercial property policies. This endorsement is an attractive alternative for the business owner who considers flood insurance optional. Lower limits also appeal to those who reside outside of Special Flood Hazard Areas and whose losses are expected to be less severe based on their business location.

Elevate your commercial flood offerings with Munich Re.

Contact our experts
Sanjay Mehrotra
Sanjay Mehrotra
Strategic Product Operations Manager for flood insurance solutions
smehrotra@munichreamerica.com

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