Marc Treacy

From quote to renewal, a virtual inspections are a good option for insurers to account for risks while promoting safety and maintaining the workflow of a farm.

The COVID-19 pandemic has the full attention of commercial insurance policyholders, but an active spring flooding forecast still presents a range of threats.

Private personal flood insurance market has new tools and data to support a comeback—and substantial, measurable potential for insurers that are ready to make strategic moves.

The near-record flooding of Guerneville, California, from the overflowing the Russian River in late February was a remarkable but foreseeable event. Extensive data supported classification of virtually the entire town as being at least at moderate risk of flooding, with the vast majority of locations at high or extreme risk.

As growing numbers of U.S. homes and businesses become vulnerable to flooding, private insurers are seeing a potential new pathway for profitable growth—but they need underwriting tools to help them launch or refine programs to cover this risk.

The insurance industry has been largely content to let coverage flow through the government’s National Flood Insurance Program (NFIP), with limited availability in the private market, especially for personal property. But that needs to change.

For agents, fallacies about flood insurance coverage can lead to dissatisfied customers, and an uninsured or under insured flood loss may provoke a lawsuit.

Imagine for a moment that you’re living in an old house in the Northeast when a flood strikes your neighborhood.