This case involves a luxury home that was severely damaged as a result of a hurricane. The home contained highly valuable jewelry, art, and furniture that was also severely damaged. It was alleged that the insurance broker did not offer the appropriate amount of flood coverage the property needed. A high-value home insurance broker was sought to speak to the standard of care when insuring high-value property located in an area prone to flooding.
Question(s) For Expert Witness
- 1. Please describe your experience as a high-value property insurance broker.
- 2. What are the best practices for selling wind and flood protection for areas that are subject to flooding?
Expert Witness Response E-175182
I have experience as an expert witness in litigation involving the standard of care brokers have in advising their clients on the appropriate insurance coverage for their needs. I have decades of experience as a property and casualty insurance broker for both personal and commercial needs. I also work with several high net worth clients that have high worth properties. The broker has an obligation to put the offering of excess flood insurance on the table for their client in these scenarios. For example, I have a client that has a high worth property right on the water, and I had to write excess flood insurance for the client. It sounds like the broker involved in this case did not write any excess flood insurance for this property. If the homeowner had a $250k flood policy, he must have been in a flood zone and the broker should have offered the client to write excess coverage.