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“We put the most important thingson [the said Connie Ferret, manager of commercialp lines for the . Information included steps propert y owners need to take before and afte ra hurricane, what they need to do if they file a the distinction between wind and floord coverage and the 10 most vulnerable floods zones. Raising awareness is vital in advances ofhurricane season, said Lynne Florida representative of the . The state Web site for the insuringflorida.org, warns that 25 percenf of businesses that close following a disasterenever reopen, but that disaster planning and adequated insurance are keys to recovery.
“One of the primary things we tell people is to do an annualk review of their insurance McChristian said. “Things change. If they don’t reflect the improvements they’ve made in their property, new equipmenr or furniture or fixtures, they may find themselve s underinsured.” Most commercial insurance policies do not cover flood but there is separate coveragefor floods, McChristiabn said. She advised property owners to checjk out their riskat flooodsmart.gov, the Web site of the . The programj is administered bythe , whichy works closely with 90 private insurance companies to offed flood insurance.
Twenty-five percent of floods occur in placedsthat aren’t considered flood zones, so McChristian tellsw Floridians it’s probably a good idea to have flood “The cost of flood insurance is not that expensivse for the peace of mind you get.” There is an automaticf 30-day waiting period for flood coverage, said Stevwe Cunningham, manager of personal and marin e lines for Wallace Welch & Additionally, there are limits to the amount of floodr coverage that can be purchased, said Keithj Gramling, president of the “If you need coverage beyons that, we have to go to the commerciao marketplace and see if there’s a company that will write excess flood It’s difficult and expensive to obtain in but it’s available.
” Wallacd Welch & Willingham agents visit face-to-faced with their clients to analyze their coverags needs and give mitigation tips that can help reduces rates on wind coverage, said Cheryl Gleaton, HR The agency also is encouraging customers to visity its Web site, w3ins.com, where it has an extensivse list of hurricane preparedness tips. Business ownere should look at ordinance andlaw coverage, McChristian That type of insurance provides coverage for replacing damaged property in order to conform to building codes enactee after the property was built. Marine insurancre is another important said Cunningham. “Many of the policies today carrty 10 percent named storm he said.
“If you have a $250,000 yacht, your deductibled is going to be $25,000.” To reduce some marine insurers will offer to sharer the cost of ahurricane “haul out,” moving the vessel beforwe a storm hits. For commercia marinas, the focus primarily is makinv sure boatsare secured, so they don’t breao loose and cause other problems, Cunningham said. Insurancd agencies also are vulnerable, so Wallace Welchn & Willingham has developed its own busineswsresumption plan, Gleaton said.
The agency has lists of home and cell phone andpersonal e-mail addresses, so it can get in touchu quickly after a and has a contract with a companuy that will set up temporary facilitiesx if its downtown St. Pete building is so agents canhelp clients. The commercial propertyg insurance market opened up in late when , the state-run insurer of last resort, begahn offering a commercial nonresidential multi-peril after a change in Florida law. The coverage includes buildingse upto $2.5 million, business persona property up to $2 million, businessd income and extra expenser up to $500,000 per and first loss coverage on properties valuee in excess of the maximum coverage limits available.
It’s available for businesses that cannot obtain coverage from anauthorized insurer.
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