The devil's in the details of The National Flood Insurance Program regarding collection of amounts when there is a disagreement. https://hubs.ly/Q02Frgs50 #insurance #claims #policyholder
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Today, an overview on how not to get swept under by the differences in federal and state flood regulation in navigating claims. https://bit.ly/4buM6Pf #policyholder #publicadjuster #claims #flood #insurance
Wiped Out From a Recent Flood? The Constructive Total Loss Doctrine Does Not Apply to Flood Insurance | Property Insurance Coverage Law Blog
https://www.propertyinsurancecoveragelaw.com
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Interesting article on the evolving risks for businesses when it comes to flood insurance. If you live in NJ or PA and have a small business, take a minute to read: #insuranceagency #insurance #floodinsurance #insurancetips https://lnkd.in/eg7wANnn
Evolving flood insurance coverage needs of small businesses | Bold Penguin
boldpenguin.com
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Compliance Officers: Are you navigating flood insurance regulations without modern insurance tracking tolls? We're here to help! Discover essential strategies for SIMPLIFYING compliance while better protecting your institution and borrowers from flood-related losses: https://hubs.li/Q02m4G180 | #minitergroup
Flood Insurance Requirements for Lenders: How to Ensure Compliance
blog.miniter.com
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Project 2025 Plan to End NFIP Welcomed by Some, Rejected by Others in Insurance A plan by a politically conservative group to dismantle the National Flood Insurance Program, if Donald Trump is elected president, has been met with approval from a private flood insurer but sharp skepticism from... Read more! #LaaiaCares #laaia #laaiaBrowardChapter #LaaiaAtlantaChapter #LaaiaMiamiChapter #LaaiaHoustonChapter #TheTorch #insurance #insuranceagent #insurancebroker #insurancelife #seguros #insuranceindustry #insurancebroker #insurancebrokerage #insuranceadvisors #insuranceservices #insurancenews #insuranceagents
Project 2025 Plan to End NFIP Welcomed by Some, Rejected by Others in Insurance
insurancejournal.com
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The government plays a crucial role in flood insurance by establishing and supporting programs which offer flood insurance to homeowners but let's be frank...15 million is not enough. Additionally, since governments act as reinsurers to provide a backstop for high-risk properties, ensuring that insurance remains available and affordable 15 millions will be gone in 60 seconds. Note to self: Do not rebuild in the flood zone. Design rebuild elsewhere on high grounds
Although the federal government committed to forge ahead with its long-awaited flood insurance backstop Tuesday, Canada’s property and casualty insurance industry notes the 2024 federal budget was light on details – and funding.
Feds commit $15 million to flood insurance backstop. Is it enough?
canadianunderwriter.ca
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The long-anticipated "Homeowner Form" for the Standard Flood Insurance Policy (SFIP) has been formally proposed by FEMA this week by way of Federal Register notice. The new form would replace the current Dwelling Form for one- to four-family residences and provide qualifying policyholders with more coverage options, which aligns more closely with standard property and casualty insurance products. The endorsement options would allow policyholders to add basement coverage and temporary living expense for additional premium, adjust loss settlement valuation and improve clarity for Increased Cost of Compliance (ICC) and Builders Risk coverage. A public comment period is now open until April 8th, allowing stakeholders to express thoughts, questions and concerns relative to the proposed rulemaking. #fema #nfip #floodprogram #floodinsurance #flood
Notice of Proposed Rulemaking: FEMA Seeking Public Comment on Standard Flood Insurance Policy, Homeowner Flood Form
fema.gov
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The government is 90% likely to shut down on October 1st. Here is how the P&C industry will be affected, via AM Best's commentary: 1. The National Flood Insurance Program is administered by FEMA and will be up on Sept. 30th. Property owners will likely need to forego flood insurance or find it in the private market. 2. Closings on properties requiring flood insurance would be delayed. 3. Disruptions to the commercial real estate sector would likely negate any 2023 improvements. 4. Depending on the shutdown length, prices and volatility in the capital markets would increase. https://lnkd.in/gQUSgTmP #insurance #governmentshutdown
Best’s Commentary: Impact of US Government Shutdown on Insurance Industry Will Depend on Duration
businesswire.com
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Although the federal government committed to forge ahead with its long-awaited flood insurance backstop Tuesday, Canada’s property and casualty insurance industry notes the 2024 federal budget was light on details – and funding. The insurance industry has been negotiating with the federal government for seven years to implement a flood insurance backstop to cover high-risk Canadian properties. Chief among the budget items was a commitment to establishing a government reinsurance backstop as part of the plan. #federalgovernment #floodinsurance #insuranceindustry #highriskcanadianproperties
Feds commit $15 million to flood insurance backstop. Is it enough?
canadianunderwriter.ca
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Understanding flood risks and securing the appropriate insurance is essential for property owners. Here’s more from @auto-owners on the topic. #RiskManagement #FloodInsurance https://loom.ly/E-c8PVU
Here’s What You Need to Know About Flood Insurance - Auto-Owners Insurance
auto-owners.com
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A new survey of insurance brokers by Chubb, a global P/C company, found that flood risk was not top of mind for U.S. mid-market companies, valued between $10 million and $1 billion. Nearly 85 percent of mid-market companies mistakenly believed their property insurance covers some, all, or most types of flooding. Get more details here: https://bit.ly/46tbBwI
Mid-Market Businesses Ill-Prepared for Flood Risks, New Survey Finds - Carrier Management
carriermanagement.com
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