Flood Basics still causing pain for some
K&L Gates Triage: Emergency Preparedness and Response in Long Term Care - Part II
Many property owners in the Palmetto State rely on the National Flood Insurance Program (NFIP) for protection against flood damage. However, NFIP policies contain numerous provisions that can surprise policyholders when they...more
Effective on March 20, 2024, a newly enacted New Jersey statute expanded the obligations of sellers and landlords regarding flood risk transparency. These requirements apply to both residential and commercial transactions and...more
The FDIC recently published its annual Consumer Compliance Supervisory Highlights, covering examination results and consumer complaint trends for FDIC-supervised state-chartered banks and thrifts that are not members of the...more
Because Congress did not timely reauthorize NFIP prior to the shutdown, the program’s capacity to issue new policies, renew existing ones, or increase coverage was effectively frozen for the duration of the shutdown. For the...more
Many insureds—including sophisticated corporate policyholders—assume that FEMA’s Standard Flood Insurance Policy (“SFIP”) functions like a traditional commercial property policy. It does not....more
On December 2, the Congressional Research Service updated its overview of potential consequences if the National Flood Insurance Program (NFIP) is not reauthorized by January 30, 2026. The NFIP, which is the primary source of...more
The legislation reopening the government signed by President Trump, H.R. 5731, also reauthorizes the National Flood Insurance Program (NFIP) until January 30, 2026, the same day the spending measure lapses. The...more
Financial institutions may continue to make loans that would otherwise be subject to federal flood insurance statutes even though the authorization for the National Flood Insurance Program (NFIP) has lapsed, federal financial...more
On October 1, the federal prudential regulators and the Farm Credit Administration issued a joint reminder of a 2022 guidance (Interagency Questions and Answers Regarding Flood Insurance) that lenders may continue to make...more
If Congress does not reauthorize the National Flood Insurance Program (NFIP) by September 30, major parts of the program will expire—a lapse that could cause major problems in the mortgage industry....more
The Florida Legislature passed Senate Bill 948, which expands Florida’s disclosure requirements relating to flooding. This law introduces significant changes to the flooding disclosure requirements that sellers of residential...more
With five months to go, 2025 is already the year of the flash flood in the United States. To date, the National Weather Service has issued more than 3,600 flash flood warnings across the United States in 20251...more
On July 30, an 8.8 magnitude earthquake occurred off of Russia’s Eastern Kamchatka coast, subsequently triggering tsunami warnings in, among other places, Japan and Hawaii. Some have postulated that rising sea levels could...more
As climate change intensifies the frequency and severity of natural disasters across Europe, the gap between insured and total economic losses—known as the natural catastrophe insurance protection gap—has become a growing...more
Hurricane season presents significant legal and operational challenges for North Carolina businesses. Whether it's a hurricane hammering your business, floodwaters threatening your property, hail damaging crops, or ice...more
On June 10, 2025, Governor Lamont signed Senate Bill No. 9 into law. In light of the passage of the bill, on July 8, 2025, the Connecticut Insurance Department (Department) issued Bulletin PC-93-25, addressed to “all...more
We are attorneys and don’t sell or broker insurance. Yet, we’re writing to alert business owners of a direct threat posed by a “set it and forget it” approach to insurance coverage. Why? Because we see firsthand the damage...more
Hurricane season is officially underway, and the National Oceanic and Atmospheric Administration (NOAA) is predicting an above-normal season. Hurricane season runs from June 1 to November 30, and the agency is estimating...more
In the wake of increasingly frequent natural disasters, construction insurance has become more critical than ever. While many stakeholders view insurance as just another project cost, it is actually your first line of defense...more
Parametric insurance products can help to address the increasing protection gap arising in respect of climate-related physical risk. As AI and data-collecting technology develops, more business areas may stand to benefit from...more
Natural disasters are becoming more frequent, more severe, and more destructive. No part of the United States is entirely immune from some combination of tornadoes, fires, droughts, earthquakes, freeze events, and...more
In a rainy season, it's important to understand your flood risk. For insurance purposes, what is a flood? What proactive steps can be taken before a flood? How can you obtain the right insurance coverage?...more
A law recently passed by the New York State Assembly and signed by Gov. Kathy Hochul puts significant limits on the flood insurance that lenders can require borrowers to purchase on loans secured by residential real property....more
On January 13, the CFPB released a report titled “Flood Risk and the U.S. Mortgage Market” discussing differences in homeowners’ access to flood insurance based on location, income and assets. The report is based on a sample...more
The continuing resolution passed by Congress late last week provides for an extension of the National Flood Insurance Program (NFIP) until March 14, 2025. ...more