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Member, Beacon International Group, Ltd.
CHICAGOWells Fargo Insurance Services Inc. has formed a Flood Analysis and Placement program offering business customers tools for flood hazard analysis and insurance placement.
The new program is intended to help customers choose the right flood insurance to complement their existing business insurance programs.
For agents and brokers, Flood Analysis and Placement offers flood hazard analysis, flood elevation certification, National Flood Insurance Program flood insurance placement and excess flood insurance placement, in addition to education and trouble-shooting support.
The program also can benefit Wells Fargo's banking and financial services customers by offering all those services in addition to lender-placed flood insurance and mortgage impairment insurance.
The comprehensive program helps banking and financial services customers meet Federal Deposit Insurance Corp. regulatory requirements and offers the potential for developing fee income on insurance sales.
Using mapping tools, Chicago-based Wells Fargo Insurance Services can individually underwrite the specific risk of the property, considering Federal Emergency Management Agency maps along with street maps, aerial photography, wind and water projections, elevation information, and distance to the nearest water source and flood zones.
According to Wells Fargo, the program offers wide market availability, rate stability and excess flood capability with limits above those prescribed by the National Flood Insurance Program.