News & Analysis as of

National Flood Insurance Program

Forecast for a Political Storm Over Possible Changes to National Flood Insurance Program

by Locke Lord LLP on

This hurricane season cut a wide swath of devastation through the Southeastern United States, dealing another blow to the National Flood Insurance Program (NFIP), which faces the risk of significant debt in light of the...more

Window On Washington - This Week in the Nation's Capital - Issue 29

by Clark Hill PLC on

Hurricane Supplemental Includes $29B for Disaster Aid and Flood Insurance: Of the $29B, the National Flood Insurance Program will receive $16B to pay flood claims. The House plans to pass the bill next week and the Senate the...more

Hurricane Harvey: Triple Landfall on the Texas Gulf Coast

by Wilson Elser on

While Hurricane Harvey will be remembered in the Texas Coastal Bend area for its punishing high winds, it is the days of rainfall and the historic flooding that will make Harvey the most destructive and expensive natural...more

The Preemption Defense to Flood Insurance Claims Under the National Flood Insurance Program

by Wilson Elser on

According to Lloyd’s of London, which helped to reinsure the National Flood Insurance Program (NFIP) for more than $1 billion seven months before Hurricane Harvey, the storms in Texas and Florida may result in damage...more

Financial Services Weekly News - September 2017 #2

by Goodwin on

Editor's Note - In This Issue. Federal banking agencies are seeking public comment on their proposed revisions to the Community Reinvestment Act (CRA), the Consumer Financial Protection Bureau (CFPB) released a small...more

Federal Reserve Board Announces Penalty Against State Bank for Alleged Violation of the National Flood Insurance Act

by Goodwin on

?On September 14, the Board of Governors of the Federal Reserve System announced the execution of a settlement with a state bank concerning alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. §...more

Will Reinsurers Sustain a Direct Hit From Hurricane Harvey?

by Zelle LLP on

While predictions and analyses abound regarding the potential hit from Hurricane Harvey direct insurers may take, the potential impact to reinsurers has received considerably less attention. In the aftermath of this historic...more

US: Temporary Extension of the NFIP in wake of Hurricane Harvey

by Hogan Lovells on

On September 8th, just days after Hurricane Harvey decimated the Houston metropolitan area, and while many Florida residents were evacuating as Hurricane Irma approached, President Trump signed into law the Continuing...more

Senate Passes Bill Proposing Three Month NFIP Extension

by Locke Lord LLP on

On Friday, September 7th, the Senate passed a bill increasing the disaster aid within the National Flood Insurance Program (the “NFIP”) to $15 billion. The NFIP was initially established in 1968 to provide flood coverage to...more

Will the National Flood Insurance Program (NFIP) be reauthorized, extended, or what?

by Downey Brand LLP on

The National Flood Insurance Program (NFIP) will expire at the end of the month. For anyone that has read the newspaper lately, this is a lousy time for the program to expire with two hurricane’s bearing down on the Eastern...more

Harvey Shining Limelight on Business Interruption Insurance Industry

by Locke Lord LLP on

As victims of Hurricane Harvey try to assess their (often catastrophic) damages, many business owners are finding that their traditional coverages do not adequately cover the scope of their losses. The National Flood...more

Uncertainty Surrounds New Texas Insurance Law: Divergent Views Emerge on the Impact of the Texas “Hail Storm Bill” on Hurricane...

by Locke Lord LLP on

As we reported in May, the Texas Legislature recently passed legislation which amends Chapter 542 of the Texas Insurance Code—Texas’s general prompt pay statute for insurance claims. Most of the new law’s provisions are...more

Fourth Circuit Upholds 1-year Statute of Limitations on Flood Insurance Claims

by Nexsen Pruet, PLLC on

In Woodson v. Allstate Insurance Co., the United States Court of Appeals for the Fourth Circuit recently upheld a one-year statute of limitations in flood insurance claims. Briefly, Hurricane Irene flooded the home of...more

Suit Limitation Period In Standard Flood Insurance Policy Is Not Tolled By Filing In State Court: Hurricane Irene Claim Dismissed...

The terms and conditions of the Standard Flood Insurance Policy (“SFIP”) are specified by regulations promulgated under the National Flood Insurance Act (“NFIA”). One of the terms in the SFIP provides that the insured cannot...more

District of New Jersey Dismisses Third Party Claims Sounding in Policy Handling on Preemption Grounds

A federal court in New Jersey recently dismissed state law claims brought by third party plaintiffs, including the insured’s broker, against a Write Your Own insurance carrier. The claims at issue in Residences at Bay Point...more

South Florida — The Front Lines of Climate Change?

Two related items about climate change resilience and adaptation caught my eye this week. First, the American Academy of Actuaries issued a report on “The National Flood Insurance Program: Challenges and Solutions.” Those...more

When it Rains it Floods: California Rainstorms and Flood Insurance

by Robins Kaplan LLP on

Until very recently, the scarcity of water and the decline in oil prices in California prompted the joke that oil was being used as fracking fluid to get water out of the ground. In the last week, however, so much rain has...more

Virginia Court Dismisses RICO Claim Against WYO Flood Insurer and Its Adjusters

by Cozen O'Connor on

The preemptive effect of the National Flood Insurance Program (NFIP) on overlapping claims asserted by policyholders based on federal and state common law theories of liability is well established. “Numerous courts have held...more

Hurricane Matthew flood claims may not be entirely preempted by federal law

In the wake of Hurricane Matthew and its associated flooding (particularly in North Carolina and South Carolina), a recent case of first impression in the Sixth Circuit may be cited by both damaged businesses and insurers and...more

Can Disputes Related To Procurement Of Federal Flood Insurance Policies Be Litigated In State Court?

by Cozen O'Connor on

It is well-established that claim processing and wrongful denial of coverage disputes involving federal flood insurance policies belong in federal court because they present substantial questions of federal law. The U.S....more

INcatastrophes

by Cozen O'Connor on

On August 12, 2016, Louisiana Governor John Bel Edwards declared a state of emergency in response to historic flooding in Louisiana. The state of emergency is set to expire on Monday, September 12, 2016. The most recent...more

A State Law Wolf in Federal Common Law Clothing: The Third Circuit Rejects Insured’s Attempt to Expand Causes of Action Under the...

Courts across the country (and particularly since Super Storm Sandy in 2012) have consistently held that, in litigation involving a dispute concerning the investigation, adjustment, or payment of a flood claim under the...more

Federal Reserve Announces Enforcement Action Against State Bank for Alleged Violation of the National Flood Insurance Act

by Goodwin on

On May 17, the Federal Reserve announced the execution of a settlement agreement with a state bank resolving alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. § 4012a(f), and Regulation H, 12 C.F.R....more

Fifth Circuit: Total Loss Amount Caps Insured’s Recovery Even Under Multiple Policies Covering Different Risks

by Cozen O'Connor on

We don’t usually cover cases dealing with Standard Flood Insurance Policies (SFIPs) issued pursuant to the National Flood Insurance Program, but a Texas case decided by the federal Court of Appeals earlier this month...more

New Jersey Panel: If a Flood Is Excluded, So Are the Unhealthy Water-Borne Substances that It Leaves Behind

by Cozen O'Connor on

Last week, a unanimous panel of New Jersey’s intermediate level appellate court rejected policyholder arguments that even though flood was excluded, the proximate cause of their Superstorm Sandy loss was the non-excluded...more

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