National Flood Insurance Program Interest on the Rise after Sandy
16 11월 2012 - 1:58AM
Business Wire
Interest among businesses in purchasing flood insurance coverage
from the National Flood Insurance Program (NFIP) is increasing in
the wake of Superstorm Sandy’s heavy rain, record storm surge, and
resulting widespread flood damage, according to Marsh.
Although most companies purchase commercial flood insurance
through the private market, more are now inquiring about purchasing
additional coverage through the NFIP. When used in tandem, NFIP
coverage can mitigate or “buy down” large deductibles associated
with commercial flood policies or simply provide additional
coverage.
Under the NFIP, non-residential businesses can purchase up to
$500,000 in building and $500,000 in content coverage, while
residential businesses can purchase up to $250,000 in building and
$100,000 in content coverage. Marsh’s Flood Service Center can
place up to $30 million in excess of NFIP flood insurance,
including business interruption, with A-rated insurance
capacity.
“NFIP coverage and commercial flood insurance policies are
complementary in that they can be structured to work in concert
with one another,” said Duncan Ellis, Marsh’s US Property Practice
Leader. “That said, many businesses rely solely on the commercial
marketplace and do not purchase additional coverage through the
NFIP, despite the widespread availability and relatively
inexpensive cost. Given the massive flooding from Sandy, businesses
appear to be re-thinking their approach to flood coverage.”
“We are seeing an uptick in the number of calls inquiring about
NFIP coverage since the storm,” said Patrice Collingwood, leader of
Marsh’s Flood Service Center, which specializes in placing NFIP
coverage. “By purchasing NFIP coverage in addition to commercial
flood, companies impacted by a flooding event can direct moneys
that would otherwise be set aside to pay for deductibles toward
other recovery efforts.”
About Marsh
Marsh, a global leader in insurance broking and risk management,
teams with its clients to define, design, and deliver innovative
industry-specific solutions that help them protect their future and
thrive. It has approximately 26,000 colleagues who collaborate to
provide advice and transactional capabilities to clients in over
100 countries. Marsh is a wholly owned subsidiary of Marsh &
McLennan Companies (NYSE: MMC), a global team of professional
services companies offering clients advice and solutions in the
areas of risk, strategy and human capital. With 53,000 employees
worldwide and annual revenue exceeding $11 billion, Marsh &
McLennan Companies is also the parent company of Guy Carpenter, a
global leader in providing risk and reinsurance intermediary
services; Mercer, a global leader in human resource consulting
and related services; and Oliver Wyman, a global leader in
management consulting. Follow Marsh on Twitter @Marsh_Inc.
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