August 1 marked two months into a relatively calm 2014 hurricane season; however, with the potential for increased activity it’s important to be aware of our commercial lines binding limitations during hurricane season ending November 30.
An agent’s authority to bind or increase coverage for wind storm, flood or extended coverage is suspended when the eye of a hurricane is reported by the National Weather Service (NWS) to be within 600 miles of the state in which a property is located. This limitation applies to all property located within 200 miles of the coast, and does not apply to workers’ compensation coverage.
In order for any new policy, binder or endorsement to be accepted by our companies, your request must be postmarked or uploaded before the eye of the hurricane is reported by the NWS to be within 600 miles of the state in which a property is located. After this cutoff time, we will not be responsible for new coverage written.
During the moratorium period, you may process business scheduled for renewal, but you cannot increase limits beyond that required for the annual values update or where the expiring policy provides automatic increases, and you may not reduce deductibles.
Coverages impacted during the moratorium include all Property, Inland Marine, Personal Auto Physical Damage and Commercial Auto Physical Damage coverage.