Flood Insurance

News & Analysis as of

The Perilous 'Superperil' Ruling In NJ Storm Surge Case

The Superior Court of New Jersey, Essex County's ruling in Public Service Enterprise Group Inc. v. Ace American Insurance Co. on March 23 follows a line of thought advanced by many policyholder lawyers that included a...more

April Fool's Day Sees National Flood Insurance Rates Rise

So what day would you pick to have your flood insurance premium double? April Fool's Day? You got it. Well, that's a little hyperbolic. Rates aren't doubling instantaneously tomorrow. Instead they are rising...more

Massachusetts Issues FAQs and Sample Form for Flood Insurance Disclosure

The Massachusetts Division of Banks recently released Frequently Asked Questions (FAQs) to provide guidance on complying with Chapter 177 of the Acts of 2014, “An Act Further Regulating Flood Insurance” (Chapter 177). Chapter...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

Amendments Proposed to Flood Insurance Regulations

Federal banking agencies have proposed amendments to flood insurance regulations that will (1) change the requirements for escrowing flood insurance premiums, and (2) incorporate a statutory provision that exempts certain...more

Agencies Propose Flood Insurance Rule

On October 30, five federal agencies – the FCA, FDIC, NCUA, OCC and the Fed – issued a proposed rule regarding flood insurance. The proposed rule will amend regulations relating to loans secured by property located in special...more

Agencies Request Comment on Proposed Flood Insurance Rule

Five federal regulatory agencies on October 24 announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas. The proposed...more

Corporate and Financial Weekly Digest - Volume IX, Issue 43

In this issue: - ISS Announces Launch of QuickScore 3.0 - SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements - CFTC Extends Relief to FCMs from Certain Commingling Requirements -...more

A Unilateral Scrivener’s Error Can Reflect a Mutual Mistake Requiring Policy Reformation (or, Don’t Expect $20 Million in...

October 29 marked the second anniversary of Superstorm Sandy’s assault on New York and New Jersey. Although the insurance litigation arising from this storm is just beginning, we have already seen a number of decisions out...more

Financial Services Weekly News Roundup - October 2014 #5

In this issue: - In preliminarily denying two exemption requests, the SEC takes a stand for market transparency in ETFs and upholds the arbitrage mechanism that allows market prices to closely track NAVs. -...more

Federal Agencies Propose New Flood Insurance Rules

The Federal Deposit Insurance Corporation (FDIC) recently approved proposed regulations related to the mandatory escrow and detached structure requirements for loans secured by property located in special flood hazard areas....more

Louisiana Court Finds In Favor Of Insurer On Standard Flood Insurance Policy Claim

In Parr v. Allstate Ins. Co., 2014 U.S. Dist. LEXIS 146372 (E.D. La., October 14, 2014), the court analyzed the amount payable on a flood insurance claim sustained by Rickey Parr to his house during Hurricane Isaac. Parr had...more

If Rainwater Lands Where it Doesn’t Belong, It’s Still “Surface Water” in the Eleventh Circuit

The Eleventh Circuit recently affirmed a decision of the Southern District of Georgia, finding an insured’s claim for water damage fell within an exclusion for loss or damage caused by “surface water.” In Williams v. State...more

A Flood by Any Other Name is Still a Flood – or Why Losses Caused by Flood Are Subject to Flood Sublimits

In New Sea Crest Healthcare Center, LLC v. Lexington Ins. Co., No. 12-CV 6414(RJD)(RLM), 2014 WL 2879839 (E.D.N.Y. June 24, 2014), the insureds suffered losses to nursing homes in two locations as a result of Hurricane Sandy....more

Louisiana Court Upholds Proof Of Loss Requirement Of Standard Flood Insurance Policy

n Villemarette v. FEMA et al., 2014 U.S. Dist. LEXIS 113667 (E.D. La.), the court analyzed whether plaintiffs were entitled to unpaid proceeds of a Standard Flood Insurance Policy (SFIP). Plaintiffs’ policy had coverage...more

New Jersey Federal Court Examines Claim Dispute Under Standard Flood Insurance Policy

The court in Damiano v. Harleysville Ins. Co., Case No. 13-cv-07293-FLW-LHG, 2014 U.S. Dist. LEXIS 97988 (D.N.J. July 17, 2014) recently addressed the scope of claims that can be asserted against property insurers issuing...more

Massachusetts Enacts Flood Insurance Bill

On July 23, Massachusetts Governor Deval Patrick signed HB 3783, which prohibits creditors from requiring borrowers or owners to purchase flood insurance on the property: (i) at a coverage amount that exceeds the outstanding...more

Sandy in the Courts

Hurricane Sandy (also known as Superstorm Sandy) struck the northeast coast of the United States in October 2012, causing an estimated $65 billion* in property damage, including wind damage, severe flooding and power outages....more

When the Minimum is Not Enough: Eleventh Circuit Rules that Lenders May Require Borrowers to Obtain More than the Minimum Flood...

The United States Court of Appeals for the Eleventh Circuit recently resolved a district court split regarding minimum flood insurance coverage by holding that a lender may require a borrower who has a federally-insured...more

Argument That Rain Alone Can’t Cause a Flood “Would be News to Noah” Says a California Court

Last month an appellate court in California looked to the Bible, citing the Book of Genesis when rejecting the argument that an inundation caused solely by heavy rain was not an excluded flood. The opinion was handed down in...more

New York Court: Storm Surge is a Species of Excluded Flood

One of the most litigated issues in the Gulf States in the wake of Hurricane Katrina was whether flood exclusions bar coverage for loss by storm surge. The courts ultimately decided that the answer was yes....more

New York Court Finds Delay In Completion Losses Are Subject To Flood Annual Aggregate Limit

In El-Ad 250 West LLC v. Zurich American Ins. Co., 2014 N.Y. Misc. LEXIS 2838 (June 27, 2014), a New York court analyzed the application of various provisions contained in a Builders Risk Insurance Policy (the “Policy”)...more

New York Court: All Sandy Losses, Including “Downstream” Financial Ones, Capped By Annual Aggregate Limit For Flood

Superstorm Sandy jurisprudence is starting to shed light on some unresolved issues in the effected states. In El-Ad 250 West LLC v. Zurich American Ins. Co., — N.Y.S.2d —, 2014 WL 2931058 (N.Y.Cty., June 27, 2014), a New...more

Louisiana Court Finds in Favor of Flood Insurer Where Insured Submitted an Incomplete Proof of Loss

Roussell v. Allstate Insurance Company, 2014 U.S. Dist. LEXIS 82319 (E.D. La. June 17, 2014) involved a dispute over insurance coverage related to the damage caused to the plaintiff’s property by Hurricane Isaac on August 29,...more

Prudential Regulators Issue Statement On Increased Maximum Flood Insurance Coverage

On May 30, the OCC, the FDIC, the Federal Reserve Board, the NCUA, and the Farm Credit Administration issued an interagency statement regarding the increased maximum amount of flood insurance available for “Other Residential...more

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