Greenwich Club Residences, a 37-story designer condominium in Manhattan’s Financial District, was recently facing a substantial increase to its flood insurance renenwal premium. Because the policy is offered through the National Flood Insurance Program, the rates are government mandated and non-negotiable. The Board decided to explore options, enlisting the help of FS Insurance Brokers and seeking a quote from its broker partner.
To assist the board in avoiding such a large increase in cost, FS Insurance Brokers sought a creative solution that combined flood coverage for the building into the Property & Liability Package. In doing so, Greenwich Club would be able to obtain higher building limits, reduce their flood deductible from $500,000 to $10,000, and benefit from over $50,000 in annual premium savings.
Ultimately, the Board opted for the renewal offer from our broker partner, citing considerable value over the other options.