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Commercial Flood Insurance How to Keep Your Business in Business

Commercial Flood Insurance How to Keep Your Business in Business. NFC 2010 Workshop | Apr. 2010 | San Diego, CA. Agenda. AGENDA:. Introduction Commercial insurance training Agent Perspective FloodSmart resources Discussion. Add note. Introductions. INTRODUCTIONS:.

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Commercial Flood Insurance How to Keep Your Business in Business

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  1. Commercial Flood Insurance How to Keep Your Business in Business NFC 2010 Workshop | Apr. 2010 | San Diego, CA

  2. Agenda AGENDA: • Introduction • Commercial insurance training • Agent Perspective • FloodSmart resources • Discussion Add note

  3. Introductions INTRODUCTIONS: • Moderator: Patty Latshaw • American Bankers Insurance Company of FL • Dorothy Martinez, CFM • NFIP Training (GeoLearning/H2OPartners, Inc.) • Denis Miller • Dennis A. Miller Insurance • Meg Bartow • FloodSmart

  4. Overview COMMERCIAL INSURANCE: A 3D perspective Commercial Insurance

  5. Main Point 1 TRAINING:What agents need to know • Protect Your Client, Protect Yourself • Find your comfort zone with flood • Offer flood coverage with every hazard policy! • E & O Exposure • Documentation • Don’t underestimate your relationship with your client Add note

  6. Main Point 2 TRAINING:What agents need to know • LOCATION, LOCATION, LOCATION • Flood Zone Determination • FIRMette Add note

  7. Main Point 3 TRAINING:What agents need to know • Definitions • Single Building • Additions and Extensions • Rigid exterior wall, • Solid load-bearing, • Interior wall, • Stairway, • Elevated walkway, • Or a roof. Add note

  8. Main Point 4 TRAINING: What agents need to know • Residential vs. Non-Residential • It’s ALL about occupancy • Residential with more than 5 or more units • Non-residential building or unit • RCBAP Add note

  9. Main Point 5 TRAINING: What agents need to know • Know your product • The Flood Insurance Manual is your friend • Limited Coverage • Loss of Profits • Loss of Use • Loss of Access Add note

  10. Main Point 6 TRAINING: What agents need to know • Other Considerations • Other Insurance: (Excess Flood) • How it responds • Preferred Risk Policy • Is there more opportunity in your book? Add note

  11. Main Point 7 TRAINING:What agents need to know • In the end--It’s about RECOVERY Add note

  12. AGENT PERSPECTIVE: Introductions Denis Miller, Dennis A. Miller Insurance Challenges Real-World Experience Best Practices 12

  13. Communicating Risk FLOODSMART: Communicating risk to businesses • Why commercial flood insurance? • FloodSmart efforts and findings • Future efforts • Feedback

  14. Communicating Risk FLOODSMART:Room to grow • Currently commercial policies account for only 5% of total NFIP policies in force.

  15. Communicating Risk FLOODSMART:Business owners have misconceptions too • The government will bail me out • Most businesses do not qualify for grants and if they do, grants can take so long to get that your business can close while you wait. • Agents only encourage flood insurance because adjustment is easier when multiple perils are covered. • Businesses can get small business loans with favorable interest rates through the SBA.

  16. Communicating Risk FLOODSMART:Businesses have more to lose • Business owners are supporting other families and could be a supplier for other small businesses, so coverage is extra important. • Risk rating from lenders is important for business owners, and not having flood insurance increases their risk level.

  17. Communicating Risk FLOODSMART:One-step flood risk profile • One-step tool on FloodSmart.gov lets businesses find their risk and find an agent all at once.

  18. Communicating Risk FLOODSMART: Flood testimonials from business owners • Real stories of how business owners experienced flooding makes the message more influential.

  19. Communicating Risk FLOODSMART: Information for businesses • FloodSmart.gov has targeted information for businesses: • Business property risk • What’s covered • Understanding the basics • Questions for your agent • Agent locator

  20. Communicating Risk FLOODSMART: Talking points for agents • Found on Agents.FloodSmart.gov, talking points guide agents through the questions prospective businesses may have.

  21. Communicating Risk FLOODSMART: PRP brochure • Promotes low-cost flood insurance for businesses. • Highlights non-residential building and contents policy premiums.

  22. Communicating Risk FLOODSMART: Direct mail to business owners • Drives home the message that floods are the #1 disaster and the financial consequences facing their business if/when it floods. • Mail volume 130,000 • Policies sold 1,927 • 1.45% conversion

  23. Communicating Risk FLOODSMART: Findings • Top performing markets for direct mail tended to be coastal: • New Orleans • Miami • Ft Myers • Corpus Christi • Biloxi • West Palm • Houston • Savannah • Beaumont-Port Arthur

  24. Communicating Risk FLOODSMART: Future Plans • Coop advertising templates • Mail on demand advertising tools • Continue small business mailing to top performing coastal markets.

  25. Communicating Risk FACT FINDING AND DISCUSSION: • What other challenges exist for agents? • What motivates business owners to protect their business? • What other tools would help agents sell flood commercial flood insurance?

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