A & A Underwriters, Inc - Florida's Expert Insurance Agents
Call Us Toll Free: (866) 755-7447
  • Home
  • COVID-19 Info
  • Commercial Insurance
    • Business Insurance >
      • General Liability Insurance
      • Workers Compensation
      • Restaurant Insurance
      • Business Owners Policy (BOP)
      • Professional Liability Insurance
      • Product Liability Insurance
      • Garage Liability Insurance
      • Builders Risk Insurance
      • Umbrella & Excess Liability Insurance
    • Commercial Property & Building Insurance
    • Commercial Flood Insurance
    • Commercial Auto
    • Florida Trucking & Hauling Insurance
    • Pay As You Go Insurance
  • Client Resources
    • Request a Certificate of Insurance
    • Add/Remove a Driver
    • Add/Remove a Vehicle
    • Add/Remove a Driver & Vehicle
    • File a Claim
  • Request a Quote
  • Payments
  • Contact
  • About

Florida Insurance Fund in Good Shape for Hurricane Season

6/19/2014

0 Comments

 


Hurricane season is here, and Florida is ready.

The Florida insurance industry is in great shape heading into the 2014 Atlantic hurricane season.

A Long, Welcome Pause

The Sunshine State has seen no hurricanes for the past eight years. Add that to the fact that it's a seller's market in catastrophe bonds and the state is financially prepared handle the costs associated with a hurricane that makes landfall this year.

"Florida is in its best position in a decade," says Robert Hartwig, president of the Insurance Information Institute.

Even better news for Florida, it's is expected that the El NiƱo weather pattern will keep the number of hurricanes below average.

Forecasters caution, though, that it only takes one major storm to make landfall and cause catastrophic damage.


Florida hasn't seen a hurricane in eight years.

Real Estate Development

There is also a significant amount of real estate development in Florida near coastal waters. That will add to the costs associated with a hurricane strike.

"The reality is, on balance, the state is in a worse position in terms of sensible decisions about building and putting things in harm's way in the coastal area," says Charles Lee, director of advocacy for the Florida Audubon Society.

That's why groups such as Smartersafer.org, a national coalition of fiscal conservatives, housing organizations, environmentalists, and insurers, has recently issued a warning about high-risk development.

"Simply rebuilding isn't enough. We need to start approaching disasters with a focus on preventing losses rather than simply trying to recover from them," says Jimi Grande, a member of the coalition.

A Unique Risk

Florida carries a unique risk because it's situated in a peninsula configuration among warm waters where the Caribbean meets the Atlantic. Warm water is one of the key ingredients for hurricane development and sustainability.

Hurricane Wilma was the last hurricane to strike Florida. That was in 2005, and it marked the end of a series of five hurricanes to hit that state over a two year period.

The eight year pause in hurricane activity in the Sunshine State has enabled Florida's Hurricane Catastrophe Fund, which helps insurance companies pay claims, build its reserves to $13 billion.

Also, the state-run Citizens Property Insurance Corp., which functions basically as an insurer of last resort, will start the 2014 hurricane season with a $7.6 billion surplus.

Florida has history of facing some fierce storms during hurricane season. This year, the state is financially prepared for them.

0 Comments

Hurricane Season and the Need for Business Insurance in Florida

5/26/2014

0 Comments

 
Hurricane Season
Is your Florida-based business ready for hurricane season?
The first day of June is almost here. For many people, that means the kids are getting out of school and summer vacation season is beginning. For others, it's a welcome sign that warmer days are coming.

It's also the beginning of the Atlantic hurricane season in the U.S.

Hurricane season, officially, lasts from June 1 through November 30. During that time, it's likely that at least a couple of Atlantic hurricanes will make landfall on the eastern seaboard in the United States.

Florida is a frequent target of hurricanes. The costliest hurricane to ever hit the U.S. was Hurricane Andrew in 1992. That Category 5 storm made landfall at Elliot Key, FL. It cut a line of damage across the entire state as it worked its way into the Gulf of Mexico.

If you own a business in Florida, you need to be prepared for hurricane season with proper insurance. Otherwise, you could lose your business entirely.

Storm Coming Warning
The Atlantic hurricane season is almost here

Property Insurance

Commercial property insurance is available to you if you operate out of a commercial building. Typically, a commercial property insurance policy will cover loss that's a result of theft, fire, smoke, vandalism, and, most importantly, wind. 

The specific property covered will be named in the policy. Usually, though, it covers buildings, documents, and equipment. The really good news is that some property insurance policies also cover loss of income caused by business interruption. So, if your business is unable to operate for several days (or weeks) after the hurricane, you'll receive compensation for that down time from the insurance company.

Flood Insurance

Hurricanes are not only known for powerful winds, they're also known for dumping a lot of rain on the ground. Rains can cause flooding, especially in areas near the ocean or a river.

If your business is located in an area that has the potential for a post-hurricane flood, you might need flood insurance in addition to your standard commercial property insurance. This is because you could experience damage that was caused by a flood, but not by wind or other hazards specifically named in the policy. 

Flood insurance, like commercial property insurance, will cover you for damage caused by flooding. Typically, specific items that are covered include the building, its foundation, electrical systems, plumbing equipment, climate control equipment, kitchen equipment, carpeting, paneling, and fixtures. 

It should be noted, though, that flood insurance does not cover damage caused by mold, mildew, or moisture when that damage could have been avoided with reasonable efforts of preventative maintenance. In other words, even with insurance, you're still going to want to make a good faith effort to prepare your property for the worst and limit the damage.

Hurricane season is almost here. Be certain that your Florida-based business is ready for it with proper insurance.
0 Comments

    Author

    Pablo M Conde
    Licensed Florida Agent
    Since 1976

    Picture
    Picture

    Archives

    September 2014
    August 2014
    July 2014
    June 2014
    May 2014

    Categories

    All
    Bakery Insurance
    Commercial Auto Insurance
    Cyber Liability Insurance
    Flood Insurance
    Florida Business Insurance
    General Liability Insurance
    Hurricane Season
    Property Insurance
    Restaurant Insurance
    Workers Comp Insurance

    RSS Feed

Links

Commercial Insurance
​
Client Resources
​
Client Portals
About Us
Contact Us

Privacy Policy
PIA - Professional Insurance Agents of Florida

Latest Posts

Plenty of Southwest Florida Workers Still Face Dangers on the Job
Florida Insurance Fund in Good Shape for Hurricane Season
4 Delicious Tips for Opening Up Your Own Bakery
The 4 Other Types Of People Who Get Protected By General Liability Insurance 
How to get Commercial Auto Insurance in Miami
3 Reasons Why You Should Be Concerned about Cybersecurity
Restaurant Insurance: The Antidote to Spoiled Food

Contact Us

A & A Underwriters
3801 SW 107th Ave
Miami, FL 33165

(866) 755-7447 - Toll Free
(305) 220-7447 - Local
(305) 220-4821 - Fax


Click for the BBB Business Review of A & A Underwriters Inc.

© 2018 A & A Underwriters
Site Built & Optimized by Click Optimizers