Resorts, hotels, motels, inns, and convention bureaus may purchase insurance to reimburse their guests if bad weather interferes with them enjoying their vacation. It may also be used as an inducement to attract more vacationers to a particular hotel or resort. These facilities may offer their guests cash, credit or refunds to be used for hotel or resort services. Coverage … Read More
Residential and commercial properties on beachfronts and low-lying areas in coastal areas are highly susceptible to damage from heavy winds and high tides. Many standard markets exclude wind coverage from the policies they issue in such areas. A variety of cooperative programs are available through the affected states but the dollar amount is limited. Excess and surplus carriers can provide … Read More
Difference in Conditions (DIC) insurance covers the difference in perils or causes of loss between the DIC coverage and the underlying first-party commercial property coverage. It can cover both property damage and loss of business income. DICs are written to cover all direct physical loss or damage subject to exclusions and limitations. The coverage provided depends on how many fewer … Read More
The market for earthquake and earth movement coverage is active. Availability, pricing, and deductible requirements vary by region. Determining the insured property’s susceptibility to earthquake damage and earthquake preparedness are important parts of the underwriting process. Coverage is available under specific earthquake or earth movement policies or Difference in Conditions coverage forms.
Traditional flood insurance is obtained via the National Flood Insurance Program made available by the Federal Government. While this option can satisfy the needs for basic flood insurance, it may not satisfy the needs of all buyers. The private flood marketplace provides alternatives to traditional flood insurance, sometimes with greater coverage limits for the same or less cost.
Weather insurance is designed to protect the insured sponsor of an outside event or a manufacturer that designs a product whose promotion depends on a weather-related risk. This coverage is especially useful in three situations: (1) cancellation of events, such as outdoor concerts, civic and fraternal outdoor events, carnivals, lawn parties, outdoor weddings and receptions, parades, and sporting events; (2) … Read More
This coverage indemnifies owners of growing crops or tenant farmers who have an interest in such crops for loss or damage caused by hail. It is subject to a written application and payment of premium before coverage takes effect. Coverage usually applies from late spring or early summer to when the crop is harvested or until the expiration date.
Multiple peril crop insurance provides “”all risk”” type crop insurance against unavoidable losses due to the uncertainty of nature. A division of the federal agricultural department administers the program but is available through private insurers and licensed agents and brokers. It covers specified crops such as corn, soy beans, wheat, barley, and tobacco. Coverage applies to loss to crops caused … Read More
This coverage is written as excess coverage over the National Flood Insurance Program (NFIP) on a following form basis. It triggers when the NFIP limits are exhausted. It is available countrywide for both residential and commercial properties that meet certain underwriting eligibility.D569