Commercial Flood Insurance
About Commercial Flood Insurance
Commercial Flood Insurance protects one of your biggest investments–your business–from damage caused by rising water. Floods often strike without warning‐destroying buildings, equipment, and inventory. If that doesn’t sound serious, you should know:
- Most business policies do not cover flooding.
- One in four businesses that shut down from a natural disaster never reopens.
- 90% of all natural disasters involve flooding.
- The most common form of federal disaster assistance is an interest-bearing loan.
Bankers is a Write Your Own (WYO) authorized carrier for the National Flood Insurance Program (NFIP).
Flood Elevation Certificates
A Flood Elevation Certificate is an important tool of the National Flood Insurance Program (NFIP) used to certify building elevations in Special Flood Hazard Areas. The Certificate is used to help determine proper flood insurance premium rates and as supporting documentation for flood map revision requests. Elevation Certificates are completed by a licensed land surveyor, engineer, architect or designee of the State.
Primary Flood Insurance Coverages
Basic building coverage pays up to $500,000 to repair or replace the insured building and its foundation, electrical and plumbing systems, central air conditioning, furnaces and water heaters, and installed improvements. Even if you lease, you should still consider purchasing flood insurance to cover any improvements you have made to your location. For more information, contact your Bankers Agent or visit floodsmart.gov.*
On a commercial flood policy, contents coverage pays for damage to inventory, merchandise, machinery, and other contents up to $500,000.
Primary Commercial Flood Insurance Coverages
An Excess Flood policy provides coverage for a single building. Eligible types of property include:
- Buildings that are considered “other residential” (contain more than four units)
- Non‐residential condominium buildings (e.g., condominium office buildings)
- Secondary other structures (must also be separately insured on individual policies)
Contents coverage is optional. Itemized or scheduled property coverage is not available. Non‐household contents, (i.e., business contents), can be insured if they are in a residential building, but Bankers must also write the residential building under the Dwelling Form to qualify.
The Excess Flood policy term is 12 months; however, expiration dates for the Standard and Excess Flood policies must be coordinated.
The Excess Flood policy has no deductible. However, the limits of your Standard Flood Insurance policy must be paid before your Excess policy coverage will begin. This means that the damage to your property must be greater than the maximum coverage allowed by the NFIP in order for the Excess Flood policy to come into play.