Transcription
welcome to thefamilyFirefly Agency Training, 2020
We are proud to partner with FireflyAgency to provide your agencypartners access to WestfieldFlood—a comprehensive suite offlood options to help you protectyour clients!Firefly Agency Training, 2020
Why Westfield? Access to multiple flood insurance markets Dedicated Flood Team providing superior services Flood is now easier than ever beforeFirefly Agency Training, 2020
What is a Flood?“Flood” is defined in the Standard Flood Insurance Policy, in part, as:A general and temporary condition of partial or complete inundation oftwo or more acres of normally dry land areaortwo or more properties (at least one of which is your property)from the overflow of inland or tidal waters, from unusual or rapid accumulationof runoff of surface waters from ANY source, or from mudflow**The definition of a flood is the same for NFIP and Private Policies**Firefly Agency Training, 2020
Firefly Agency Training, 2020
PropertyPropertySidewalkFirefly Agency Training, 2020Street
Think outside the box!Firefly Agency Training, 2020
Quoting a Policyself serviceFirefly Agency Training, 2020-or-let us do it
NFIP Policy Specifics
Policy Coverage Review NFIPBuildings: Single Family2-4 FamilyOther ResidentialNon-Residential 250,000 250,000 500,000 500,000Contents: ResidentialNon-Residential 100,000 500,000A building has to be comprised of two rigid walls,a roof, and a permanent foundation.Firefly Agency Training, 2020
Policy Coverage Review NFIPReplacement Cost Provision: A primary residence is applicable to receive RCfor building coverage only if it meets the 80% co-insurance limit or insuresthe structure to the program maximum.Actual Cash Value: All secondary residences and non-residential buildingsare paid out ACV. Also, contents are always paid out ACV.Firefly Agency Training, 2020
Elevation Certificates – The Three W’s WhenWhereWhyFirefly Agency Training, 2020 Post-FIRM Zones A and V Obtained fromlicensed engineers,surveyors or architects COMPLIANCE
Important Policy Facts Flood policy duration – 1 year Policy Renewal Process 30 Day Grace Period, no lapse 31st-90th days – lapse in coverage with reinstatement After 91st day policy officially lapses, no reinstatement If reinstatement date is more than 90 days from the renewal date and effective on or after April 1, 2016,policy is no longer eligible for Pre-FIRM subsidized rates, “continuous coverage” grandfathering or renewalunder Newly Mapped procedures No payment plans at this time Duplicate policies are prohibited by the NFIP A building owners flood policy may be transferred to another party Seller must sign an endorsement form on or before closing date Course of construction and contents only may not be assignedFirefly Agency Training, 2020
NFIP Quote Example &ReviewFirefly Agency Training, 2020
Private Flood OptionsFirefly Agency Training, 2020
Policy Coverage Review AON EZ FloodBuildings: Single Family 750,000 (RC or ACV)Contents: Residential 200,000 (ACV)EZ Flood is only a market for residential risks atthis time. Mobile homes are also ineligiblestructures.Firefly Agency Training, 2020
Specialty Brokerage Services: Private FloodWestfield Services, Inc. does have an in-house brokerage that cangive you access to certain markets you may not have access to.Please talk to Sam for questions about this.Firefly Agency Training, 2020
AON EZ FloodQuote ExampleFirefly Agency Training, 2020
Private vsNFIPFirefly Agency Training, 2020
Westfield - NFIPAON EZ Flood ProgramWestfield Specialty BrokerageProducts available for Residential and NonResidential risks through the National FloodInsurance Program.Your access to the Private Flood InsuranceMarket for Residential risks only throughFloodPro system integration.Westfield’s in-house brokerage to provideyour agency access to multiple privatemarkets for Residential and Non-Residentialrisks.Residential: 250,000 Building (RC or ACV) 100,000 Contents (ACV Only)Non-Residential: 500,000 Building (ACV only) 500,000 Contents (ACV only)Firefly Agency Training, 2020Residential: 750,000 Building (RC or ACV) 200,000 Contents (ACV Only)Non-Residential: Not available with AON EZ Flood!Residential: Can write up to 1.25 million ondwelling coverage and 875,000 oncontents (varies per carrier)Non-Residential: Can write up to 10 million onPrimary or 500,000 Primary andthen excess on same risk (varies percarrier)
Westfield - NFIPAON EZ Flood ProgramWestfield Specialty BrokerageResidential: No Extras!Non-Residential: No Extras!Residential: Additional Living Expenses [ 5,000] Food Spoilage [ 500] Swimming Pool Clean Out [ 1,000]Residential: Extra coverages vary per carrierNon-Residential: Possible BPP & Business IncomeCoverage (varies per carrier)Residential & Non-Residential: No Wait for Loan Closings 30-day wait for non-loan closingsResidential: No Wait for Loan Closings 15-day wait for non-loan closingsResidential & Non-Residential: No Wait for Loan Closings 15-day wait for non-loan closingsResidential & Non-Residential: In communities that are participating ineither the Emergency or Regular FloodPlain Management ProgramsResidential: Limited Geographical areas that aresubject to change based on claims historyand other factors Not available in AK, DC, HI, and KYResidential : Limited Geographical areas that aresubject to changeNon-Residential: Not available in LouisianaFirefly Agency Training, 2020
Westfield - NFIPAON EZ Flood ProgramWestfield Specialty BrokerageResidential & Non-Residential:EC’s are needed for most Post-FIRM risks toensure the property has been built inaccordance with local codesResidential:No EC is neededResidential & Non-Residential: EC’s not normally requiredResidential & Non-Residential:Federal Policy FeeAdministrative FeeReserve Fund AssessmentHFIAA SurchargeICC ComplianceResidential: Policy Fee & TaxesResidential & Non-Residential: Fees & TaxesFirefly Agency Training, 2020
Caution! Private Flood & NFIPCancelling a NFIP policy at renewal and writing a new policy with a privatecarrier has to be done cautiously. Private carriers can non-renew andcancel policies for a multitude of reasons not just claims! If the insured hasto go back to the NFIP for coverage they will losegrandfathering/continuous coverage.A great technique to give you and your insureds peace of mind is to use alayering technique. This entails keeping the NFIP policy in force but withlower limits and layering a Private Flood policy over it.
Layering Technique 500,000 Building Coverage [Non-Residential NFIP Policy]Ex: Premium 18,000 20,000 BuildingCoverage [NonResidential NFIPPolicy)Ex: Premium 2,500 480,000 Building Coverage [Private Flood Carrier]NFIP Policy can act as deductible for Private Policy in most casesEx: Premium 4,000
Contact InformationJustin Hamilton, ANFIMyranda Joseph, CPCU, ANFIFlood Operations 3Flood Marketing 3www.westfieldflood.com flood@westfieldflood.com 1-855-WSI-FLOODFlood Team available 8am to 5pm EST
Additional Marketing ResourcesWestfield Flood also have a variety ofmarketing materials that can be helpful forboth you and your insureds. They include: Social Media Marketing PackageAgent Job AidClient Engagement FlyerAccess to www.floodsmart.govNational Flood Services ResourcesContact your agency leader for moreinformation.
Existing Flood Business:Existing flood business will be rolled over to WF over the course of the nextyear. In order to make this transition smooth here is the timeline:1.Agency Leadership Contacts Justin Hamilton (flood@westfieldflood.com) to initiate rolloverafter training2.3.Have the following Information ready: Most recent term of the Policy Declaration Page (not renewal bill) Any supporting material for those policies (ex. Elevation certificate, updated photos)A policy will begin to be rolled over 60-90 days before the renewal date in most cases.Those not in that timeline will be processed next policy term.
Login CredentialsAfter this training you will receive an email with your username forwww.westfield.floodpro.net. This email will come from Myranda Joseph(myrandajoseph@westfieldflood.com). You will also get a separate email withinstructions to change your password. Any questions regarding licensing should bedirected to Miranda Jameson at licensing@fireflyagency.com February 27th Training will have login credentials on or before Monday March 2nd March 6th Training will have login credentials on or before Monday March 9thFirefly Agency Training, 2020
Thank You!We look forward to working with you all!Firefly Agency Training, 2020
FloodPro system integration. Westfield's in-house brokerage to provide your agency access to multiple private markets for Residential and Non-Residential risks. Residential: 250,000 Building (RC or ACV) 100,000 Contents (ACV Only) Non-Residential: 500,000 Building (ACV only) 500,000 Contents (ACV only) Residential:
