ICAT

[Timothy Hoffman]

Hi Not sure if this is the right forum, but I figured it was worth a try. I have a business located in SW Florida that was impacted by Hurricane Ian. Their current insurance provider is ICAT and has been the policy holders insurance for a number of years. Does anyone have any insight into the special wind condition that stipulates that in oder to have wind coverage flood insurance must also be obtained? I have never seen a policy that contingent on another policy.

 

[Allen Trent]

Hi Not sure if this is the right forum, but I figured it was worth a try. I have a business located in SW Florida that was impacted by Hurricane Ian. Their current insurance provider is ICAT and has been the policy holders insurance for a number of years. Does anyone have any insight into the special wind condition that stipulates that in oder to have wind coverage flood insurance must also be obtained? I have never seen a policy that contingent on another policy.

lots of insurance policies are contingent on another policy. Umbrella is contingent on several other policies. Home policies where the client operates a business in the residence or on the property will many times only offer insurance if the business/farm operation has commercial/farm insurance

Florida is weird with property insurance with very few carriers wanting to write it, so I would guess they are allowed to put stipulations that if you want coverage for something that could happen in a hurricane, they require underlying flood policy so a court can make a wind policy pay for likely water damage when a court or jury feels bad for the consumer for not having flood coverage

Basically, they want underlying coverage before they will provide coverage

 

[Al3x Lee]

Hi Not sure if this is the right forum, but I figured it was worth a try. I have a business located in SW Florida that was impacted by Hurricane Ian. Their current insurance provider is ICAT and has been the policy holders insurance for a number of years. Does anyone have any insight into the special wind condition that stipulates that in oder to have wind coverage flood insurance must also be obtained? I have never seen a policy that contingent on another policy.

Have you combed through the policy? Your agent or carrier should be able to show you where that language is in the policy.

As Allen Trent stated, it just depends on how the contract is written, and Florida has unique insurance law

 

[Allen Trent]

Have you combed through the policy? Your agent or carrier should be able to show you where that language is in the policy.

As Allen Trent stated, it just depends on how the contract is written, and Florida has unique insurance law

Plus, I just realized he is saying this is commercial property, so most states allow carriers to make up whatever stipulations they want for underwriting before they will insure.

Quite different than home & auto that have more laws on who can & cannot be denied insurance or the rules to wuakkft

 

[Timothy Hoffman]

Have you combed through the policy? Your agent or carrier should be able to show you where that language is in the policy.

As Allen Trent stated, it just depends on how the contract is written, and Florida has unique insurance law

I have reviewed the policy and have found the language. In this particular case the insertion of the wind clause was not brought to anyones attention. For this condition to include flood basically takes all risk of selling insurance out of the equation. If flood damage was the cause then simply wind coverage would not apply is my understanding.

 

[Timothy Hoffman]

Plus, I just realized he is saying this is commercial property, so most states allow carriers to make up whatever stipulations they want for underwriting before they will insure.

Quite different than home & auto that have more laws on who can & cannot be denied insurance or the rules to wuakkft

Yes its commercial.

 

[Al3x Lee]

Tim, are you the agent?

 

[Allen Trent]

I have reviewed the policy and have found the language. In this particular case the insertion of the wind clause was not brought to anyones attention. For this condition to include flood basically takes all risk of selling insurance out of the equation. If flood damage was the cause then simply wind coverage would not apply is my understanding.

They dont want to have to fight it in court, etc. so, even though a home insurance policy excludes coverage on the property for business buildings or operations, they wont issue a policy unless you have commercial insurance for your business because they dont want the legal hassle when their is a loss/lawsuit by the insured, an injured party or even a lender trying to push for a claim payment from the home policy.

 

[marindependent]

Tim, are you the agent?

Exactly.