In the wake of Superstorm Sandy, affected businesses should be mindful of two very significant flood insurance related considerations. First, the extremely short period of time permitted for making claims under typical flood policies. Second, whether you have appropriate coverage going forward.
Assuming your business has flood insurance through the National Flood Insurance Program (NFIP), a claim for damages is made by filing a Proof of Loss. The Proof of Loss must be completed, signed and delivered to your insurance company’s claims manager within 60 days after the loss occurs. The Federal Emergency Management Agency (FEMA) may authorize Proof of Loss extensions. As of this writing, however, FEMA has not authorized extensions relating to Sandy claims.
As to the issue of your business’ future flood insurance needs, examine how you do business, consider the potential impacts from flooding, and understand the insurance products available in the commercial flood insurance market.
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