Following Hurricanes Helene and Milton, impacted homeowners have received correspondence from their local building officials notifying the homeowners that their property is affected by the 50% Rule. Sometimes these are...more
11/21/2024
/ FEMA ,
Flood Insurance ,
Flooding ,
Hurricane Season ,
Insurance Claims ,
Insurance Industry ,
Natural Disasters ,
Property Damage ,
Property Insurance ,
Property Owners ,
Severe Weather
As the Atlantic hurricane season reaches its peak in September, bringing with it rainfall and flooding, a recent New Jersey court held a sewer overflow resulting from rainfall was not caused, directly or indirectly, by a...more
The Lloyd’s Market Association (the “LMA”) recently released four model clauses to exclude coverage for “war” from cyber insurance policies. The exclusions align with the requirement that all insurance policies written at...more
For the first time in more than 20 years, FEMA has announced plans to make changes to its Standard Flood Insurance Policy (SFIP). Under the proposal, FEMA would introduce a new Homeowner Flood Form, to be published at 44...more
Congress has reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022. Prior to this most recent temporary reauthorization, the NFIP had been set to expire on December 3, 2021. Since 2017, there...more
On April 1, 2021, FEMA released its highly anticipated flood insurance rating methodology, Risk Rating 2.0-Equity in Action.
FEMA first announced “Risk Rating 2.0-Equity in Action” in March 2019 as an effort to improve...more
The cyber insurance market size is currently valued in the billions, and this does not include insurance policies that do not explicitly mention cyber incidents but may nevertheless cover them. With this in mind,...more
3/8/2021
/ Best Practices ,
Corporate Governance ,
Cyber Insurance ,
Cybersecurity ,
Cybersecurity Maturity Model Certification (CMMC) ,
Department of Defense (DOD) ,
Insurance Industry ,
NYDFS ,
Popular ,
Reinsurance ,
Risk Assessment ,
Risk Management ,
Supply Chain
The New York Department of Financial Services (DFS) has issued a Cyber Insurance Risk Framework (the “Framework”) of best practices for carriers. The first of its kind, the Framework tells carriers to establish formal...more
The New York Department of Financial Services (DFS) has issued a bulletin on climate change and financial risks to the financial institutions and insurance companies it supervises regarding the impact of climate change on...more
As everyone steps away from their (home) office to celebrate Thanksgiving, we wanted to count our blessings as we review this truly remarkable and unusual year. In addition to frontline healthcare workers, good WI-FI, food...more
11/30/2020
/ CARES Act ,
Chapter 13 ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Electronic Notarization Standard ,
Eviction ,
Executive Orders ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIC ,
Federal Student Loans ,
Flood Insurance ,
Forbearance Agreements ,
Foreclosure ,
HUD ,
Interim Final Rules (IFR) ,
Libor ,
Moratorium ,
OCC ,
Popular
On November 10, 2020, the U.S. Department of Housing and Urban Development (HUD) released a proposed amendment to Federal Housing Administration (FHA) regulations that would allow lenders to accept private flood insurance...more
It has been nine years since the Interagency Questions and Answers Regarding Flood Insurance (Flood Insurance Q&As)have seen any revisions. But that’s all about to change. Under the National Flood Insurance Reform Act of 1994...more
On the first day of National Preparedness Month, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union...more
The Ninth Circuit Court of Appeals just reminded policyholders that while coverage exclusions are to be read narrowly, they must also be read comprehensively.
In Engineered Structures, Inc. v. Travelers Property Casualty...more
Michigan has joined the majority of jurisdictions in holding that a general liability policy may provide coverage for claims for property damage allegedly caused by the defective work of a subcontractor. In a unanimous...more
June 1 marked the start of hurricane season, and according to the National Oceanic and Atmospheric Administration (NOAA), the Atlantic hurricane season will be a busy one. NOAA predicts a 60% chance of an above-normal season,...more
June 1 marked the start of hurricane season, and according to the National Oceanic and Atmospheric Administration (NOAA), the Atlantic hurricane season will be a busy one. NOAA predicts a 60% chance of an above-normal season,...more
In a statement released on April 21, 2020, the Federal Housing Finance Agency (FHFA) announced that mortgage servicers would only be required to advance four months of missed payments for Fannie Mae and Freddie Mac owned...more
The massive economic disruption caused by the novel coronavirus pandemic raises questions about insurance coverage for business interruption losses from communicable disease. Does viral contamination constitute the “physical...more
Commercial property insurance policies frequently include business interruption or loss of business income coverage when a covered “cause of loss” creates a slowdown or reduction in business income. Companies suspending...more
With new guidance and model documents issued by Fannie Mae and Freddie Mac, the mortgage industry is several steps closer to operating without LIBOR.
The industry has been grappling with the eventual demise of LIBOR since...more
2/10/2020
/ Adjustable-Rate Mortgage ,
Alternative Reference Rates Committee (ARRC) ,
Banking Sector ,
Fannie Mae ,
Freddie Mac ,
GSE ,
Libor ,
Loan Servicer ,
Mortgage Lenders ,
Mortgages ,
New Guidance ,
Secured Overnight Funding Rate (SOFR)
The final rule promulgated by the Board of Governors of the Federal Reserve (Federal Reserve), the Farm Credit Administration, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and...more
The United States Department of Housing and Urban Development (HUD) released a sweeping proposed rule on August 1 seeking to amend HUD’s interpretation of the Fair Housing Act’s disparate impact standard. According to HUD,...more
A bipartisan measure was introduced in the United States Senate in late April to expand fair housing protections to LGBTQ persons. The Fair and Equal Housing Act of 2019, introduced by Senators Susan Collins (R-ME), Angus...more
5/14/2019
/ Civil Rights Act ,
Fair Housing Act (FHA) ,
Gender Discrimination ,
Gender Identity ,
Housing Discrimination ,
HUD ,
LGBTQ ,
Price Waterhouse ,
Proposed Legislation ,
Sexual Orientation Discrimination ,
Transgender
The United States Department of Housing and Urban Development (HUD) recently announced charges against social media company Facebook for violating the Fair Housing Act (42 U.S.C. 3601-3619 and 3631). The charges derive from...more
4/18/2019
/ Advertising ,
Facebook ,
Fair Housing Act (FHA) ,
Family Status Discrimination ,
Gender Discrimination ,
Housing Discrimination ,
HUD ,
Race Discrimination ,
Religious Discrimination ,
Sex Discrimination ,
Statutory Violations