The $2.5 Million Safety Net 

October 7, 2022

Just months after picking up flood coverage, Global Parts experienced a major flood.

The $2.5 Million Safety Net 

Background

Located just outside a designated flood zone, distributor and manufacturer Global Parts in Wichita, Kansas had never held flood insurance. Yet the area close to their plant was considered to be at risk of a major flood once every 100 years.

Problem

Flood insurance was not on Global Parts radar, nor had been discussed with them by their previous broker. Forecasters predicted more extreme weather for the region in the coming years, including increased rainfall. The Miller Group discussed the likelihood of needing flood coverage with Global Parts. After negotiations on coverage and rates with insurance carrier Chubb, Global Parts decided on a $2.5 million policy. 

Results

Coverage was selected in January 2019. Just four months later, a major flood hit the area, and Global Parts had standing water inside their building. The water receded but more was on the way. The Miller Group’s claims manager even went on-site to help fill sandbags before additional rain moved in. In the end, there was over $2 million in flood damage. 

Once the water finally receded, The Miller Group’s claims manager immediately returned to the site and worked with Chubb on managing clean-up and repairs. This allowed Global Parts’ leadership to focus on continuing business operations. They quickly realized the true depth of expertise and partnership provided by The Miller Group and have continued the relationship ever since.

"After an extensive review of our coverage, Tanner Smith and The Miller Group team recommended flood coverage, along with some others. We would never have predicted that four months later our facility would flood after a string of storms. Their team not only saved us over $2 million from the flood loss, but they jumped into action and ensured we were taken care of during the entire claims process."

Dave Archer, CFO
Global Parts