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Flood Assure takes away risk when companies reach aggregated flood limits
ROLLING MEADOWS, Ill., Nov. 2, 2017 /PRNewswire/ -- In the wake of Hurricanes Harvey, Irma, Jose, Maria and Nate, many organizations affected by the storms may face the risk of reaching and exceeding their aggregated policy flood limits. This problem is compounded by the fact that it can often take up to a year or more to accurately assess the financial impact following severe flooding.
Gallagher's new product - Flood Assure - offers a solution that can provide the commercial insurance coverage needed to replace aggregated/exhausted flood limits.
Gallagher's New Solution
When assessing the financial impact following severe flooding, physical damage should not be an organization's sole concern.
"Companies need to consider not only physical damage, but also the loss of business income sustained by the suspension of operations," said Martha W. Bane, Managing Director – Gallagher's Property Practice. "Furthermore, companies who have reached their aggregated flood limits are at risk of being uninsured for future flooding."
To tackle this problem, Gallagher leveraged the strength and depth of their global insurance market relationships to offer a panel of insurance companies that will provide coverage to replenish diminished limits. Gallagher's Flood Assurereinforces companies' flood defense and replaces risk with reassurance.
With this product, there are no minimum premium or deductible requirements, and Flood Assure offers the domestic capacity needed to handle claims. In addition, Flood Assure will match or exceed current flood limits and all classes of business are eligible.
To apply for Flood Assure, organizations must simply provide the following:
- Current and target limits and deductibles
- Completed Statement of Values
- Summary of any prior hurricane and/or flood losses
- Copy of current policy or confirmation of policy period and current flood language
To learn more about Flood Assure, visit www.ajg.com/response.
Gallagher (NYSE: AJG) is an international insurance brokerage and risk management services firm headquartered in Rolling Meadows, Illinois. The company has operations in 34 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
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