Specialty Program Group Success Stories: SPG takes pride in finding complex solutions for our customer’s hard to place risks!
Challenge: Client seeking flood insurance for a large residential building in Brooklyn, NY. The property was located in an at-risk flood zone with residential units below ground level. The risk was not eligible for national flood insurance (NFIP) coverage. In order to reach the $23M limit needed for the building, multiple layers of coverage would have to be applied. Over the past few years, the pricing for this insurance has increased significantly.
Solution: Matt Romano (SPG’s dedicated flood specialist), worked with his markets to secure a quote for one of the layers which came in more than $30,000 under the incumbent’s renewal pricing. The savings from this one policy more than offset the marginal increases the client had on their other lines of coverage (Property, General Liability, Umbrella and other flood layers).
Premium: 125K