5 Ways to Help Reduce Your E&O Exposure from Flood Liability
- Make sure your staff are well educated on flood coverage and the market options available.
- Always offer flood coverage to your clients
- Be clear that a separate application must be submitted for each property to be covered.
- Document your files. Discussions surrounding flood insurance should be noted in your agency management system and memorialized back to the client. Get the client’s declination in writing if they do not want to purchase flood insurance.
- Keep in mind that the maximum limits available in the National Flood Insurance Program (NFIP) may not be sufficient for higher-value properties. Be clear with clients about the limitations and the possible need to offer to obtain excess flood insurance.