We may have dodged a very active Hurricane Season
Melbourne, Fla.—This year 2020 was one with a big threat coming from a very active Hurricane Season. It has featured tropical cyclone formation at a record-breaking rate. So far, there have been a total of 27 tropical or subtropical cyclones, 26 named storms, 9 hurricanes, and 3 major hurricanes.
Although is has brought very sad news to the U.S. Gulf Coast, heavily affecting mostly the states of Louisiana, and southern Texas— somehow it looks like Florida’s east coast has been able to dodge the bullet on every nearby cyclonic formation. This article is being written before the end of Hurricane Season, and does not imply we are out of the woods yet, but cooler temperatures as we all know will improve our chances to walk away this year with no harm. Having said that, we have had to deal with a public health emergency for a prolonged period, and we all know this can be considered a big break from so much accumulated stress and challenges throughout the entire year.
Just in case, it is important to always be aware of proper commercial insurance options available for consideration because it’s always better to be prepared. As a truck company owner, your business may have to be ready to run, especially during difficult times and emergencies to supply and distribute items in need.
The following are a couple of insurance options you must discuss with your agent when purchasing a new policy or renewal.
Flood Insurance
Hurricane-generated storm surge, typically is not covered under a standard commercial policy, including a Commercial Package Policy (CPP) or a Business Owners Policy (BOP). Flood insurance is available from the federal government’s National Flood Insurance Program (NFIP). Flood insurance covers damage to your building and contents caused by flood. This includes losses resulting from water overflowing rivers or streams, heavy or prolonged rain, storm surge, blocked storm drainage systems, broken dams or levees, or other similar causes. To be considered a flood, waters must cover at least two acres or affect two properties. Generally if water comes from above—for instance from rain overflowing gutters and leaking onto your inventory—you’ll be covered by your standard commercial property insurance.
Business Interruption
Business income (interruption) coverage also known as business income coverage (BI), can help with operating expenses during the period of restoration, and includes:
Lost net income (based on financial records)
Mortgage, rent and lease payments
Loan payments
Taxes
Employee payroll
Your business owner’s policy (BOP) may combine property, liability and business income (interruption) coverages for a small–to-midsize business. Coverage purchased as a package is generally less expensive than if purchased through separate insurance policies and can help ensure proper underlying limits are in place.
Contact one of our local commercial/truck insurance specialists to find out what options are available for your trucking and transportation business in the Space Coast area, and help you start saving on the protections needed to keep it always afloat.
Give us a call for a FREE consultation (321) 329-5556, at Melbourne Truck Insurance will be more than happy to walk you through all of your options.
HECTOR PEREZ
PRODUCER
Hector is a licensed insurance agent with vast experience as a Transportation Specialist.
Bilingual:
English | Spanish