News & Analysis as of

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

Eleventh Circuit Rules Lenders Can Demand Flood Insurance Coverage That Exceeds Loan Balance

Agreeing with the First Circuit’s recent en banc ruling in Kolbe v. BAC Home Loans Servicing LP, — F.3d —, 2013 WL 5394192 (1st Cir. Sept. 27, 2013), the United States Court of Appeals for the Eleventh Circuit ruled that the...more

Eleventh Circuit Holds Lender Can Require Increased Flood Insurance Coverage

For the second time in less than five months, a U.S. Court of Appeals ruled that the FHA Model Mortgage sets a floor, not a ceiling, on the amount of flood insurance coverage a borrower must maintain. Feaz v. Wells Fargo...more

Yet More on the Adaptation Front: Where You Stand Depends on Whether Your Property Is Underwater

A story in E&E Daily on October 30 highlighted the difficult choices – including political choices – that are going to have to be faced in the process of adapting to climate change. The story noted that a number of...more

New Flood Insurance Rule Proposed by Joint Regulators

On October 11, five agencies issued a joint notice of proposed rulemaking to amend regulations related to loans secured by property located in flood hazard areas. The proposed rule would implement portions of the...more

Federal Agencies Propose New Federal Flood Insurance Regulations

The Federal Deposit Insurance Corporation recently approved for release joint proposed regulations to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act). The proposal would amend the Flood...more

First Circuit Rules Constitution's Appropriations Clause Quashes Flood Policy Claim Lacking Proof-Of-Loss

You know it is not going well when the court cites the Constitution at you in a breach of contract case. But so it went in DeCosta v. Allstate Insurance Co., where the First Circuit last Friday reversed the trial court and...more

Lives and Businesses Interrupted by Rocky Mountain Floods

Over the past several days, severe flooding has inundated several states in the Rocky Mountain Region. Following the nearly fifteen inches of rain dumped on parts of Colorado, the resulting floods continue to wreak havoc in a...more

Federal Regulators Clarify Effective Dates For Flood Insurance Amendments

On March 29, the Federal Reserve Board, the FDIC, the OCC, the NCUA, and the Farm Credit Administration issued an interagency statement to clarify the effective dates for changes to the Flood Disaster Protection Act enacted...more

Federal Banking Agencies Issue Flood Insurance Guidance

The federal banking agencies, together with the Farm Credit Administration, have issued joint guidance on amendments to the Flood Disaster Protection Act of 1973 (FDPA). The amendments were part of the Biggert-Waters Flood...more

Real Estate Alert - New Jersey Enacts New Rebuilding Rules In Response To Superstorm Sandy

The impact of Superstorm Sandy on New Jersey was enormous: nearly 346,000 housing units either destroyed or damaged and 190,000 businesses affected. Sandy demonstrated just how vulnerable to damage much of the low-lying areas...more

Overriding Interest - Winter 2012

Highlighting developments and issues in the real estate industry - Winter 2012. In this issue: - Not Waving But Drowning - Client/Sector Focus - Our Residential Investment Practice - Case Summaries - New...more

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