Hello everybody my name is Steve Wells
and I’m the co-president of Wells Insurance, here in Wilmington North
Carolina. Today I want to talk about writing restrictions as it relates to
named storms, and how that’s going to affect you. Let’s start off by talking
about a few definitions. 1. is “Named Storm.” What is a named storm? Well, it is a “weather-related event involving wind, that is given a name by the National Hurricane Center. Secondly, What is the
affected property? The affected property is going to fall on both the commercial
insurance side and the personal insurance side, and includes physical
damage done to property, equipment, autos, and others. So let’s talk a little bit
about what causes restrictions. That depends on where the storm
develops. The insurance industry has created what we affectionately call “the
Box”. And depending on where the storm develops – either inside the box, or
outside the box and moving in – our ability to bind new business for our clients is
restricted. Also, changing existing policies is restricted. Now, these
restrictions are lifted once the storm either dissipates or moves outside the
box. This should not affect your existing renewal. So it’s very important
to pay attention to developing storms in the Atlantic Basin and understand your
coverage. Should you have any questions please feel free to call us
and we’ll be happy to answer any questions that you have. Thanks and I
hope this helps.