Illustrative example
Floodwater damages insured stock at a covered location. The policy may contribute where its flood definition and other conditions are met.
Location-specific property exposure
Business flood cover review
Flood is not treated the same way by every policy or at every location.
Flood may be included, excluded, sublimited or optional under a property policy. The definition, mapped exposure, building elevation, insurer appetite, total values, excess and business-interruption treatment determine whether meaningful cover is available.
Preparing the review
What information usually matters?
- Exact address, site plan, floor levels, construction and storage heights.
- River, creek, stormwater, overland-flow and drainage exposure.
- Past flood events, depths, access restrictions and remediation.
- Building, contents, stock, machinery and interruption values.
- Flood barriers, pumps, warning systems and response plans.
Important boundaries
Flood, stormwater, rainwater runoff and actions of the sea may be defined differently. A property policy's other sections do not prove that flood is insured.