Page 29 - Delaware Medical Journal - March 2018
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MSDIS CORNER
of a home. Fuel tanks, solar energy equipment, central air conditioners and sump pumps are generally covered under the building property coverage, but paneling, bookcases, and most personal property such as clothing and electronic equipment are not covered.
zones during the course of a policy year is crucial and requires a diligent and experienced risk consultant.
When maps change, preferred risk
of these cases, USI helps clients explore the applicability of the “Grandfather Rule” as a cost savings option. With grandfathering, proof that a home that map in effect at the time of construction zone for insurance rating purposes.
actually result in a lower premium than using the grandfathering option.
STAYING ABOVE WATER
Ultimately the key is to protect clients
For example, USI recently worked
with the owner of an East Coast-based beachfront property that had previously sustained damage from Superstorm Sandy. The building damage totaled coverage was only $250,000, leaving the property owner with a $250,000 uninsured loss.
When the property owner engaged USI as his broker, the personal risk team immediately initiated a review of the Sandy-related flood losses. Based on
its findings, the team recommended excess flood coverage, which provides coverage limits above the maximum limits of the NFIP.
This is just one example of how USI is working with clients to reduce their
As state and federal lawmakers introduce legislation to improve the NFIP’s financial stability, a wave of new private flood insurance products are flooding the market. USI is also working with its clients to assess all
of the different private risk transfer solutions, which may offer lower premiums and more expansive coverage than the NFIP.
CONTRIBUTING AUTHOR
■ KATHLEEN KENNELLY is a Personal Risk Specialist for USI Insurance Services.
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