A spokeswoman for one major commercial insurer in the region, State Farm, says that commercial-account exposure to flooding is minimal. The exposure is very small and other commercial coverage, such as business interruption, is excluded from the general property form for flood.

Shaun Norris, chief sales officer for Hub International Gulf South, says one impact of the flooding is that some insurers have become shy about renewing flood coverage for commercial accounts. In one case, a Midwest account that is not affected by flooding along the Mississippi could not bind excess flood coverage of more than $20 million. The carrier that was renewing the account put a 5-day moratorium on flood coverage, Norris says.

“These excess flood markets are starting to hesitate [on renewals] in the wake of this event,” says Norris.

Throughout the region, Hub's main niche interest is boat accounts. He says these businesses can easily pick up and move up river and continue operations. However, their offices do get flooded out. Most of the time they are back in their offices in 4 to 5 days, he says. However, conditions are so bad right now that there is no telling how long it will be before the river crests and they can get back in.

Both State Farm and Norris say that with the flood waters still days away from cresting, no one has had an opportunity to view their property and submit a claim.

Norris says that outside of homeowners, others who would be most likely affected by the flooding will be Main Street businesses, strip malls, restaurants and other small businesses that his firm does not write. Reports say that the most heavily affected businesses are farmers that have been inundated by flood waters.

While no figures have been released, the United States Department of Agriculture issued a statement saying that those who have purchased crop insurance will be covered under the program for damaged crops, as well as those who were unable to plant because of the floods in accordance with the terms of their policy.