News & Analysis as of

National Flood Insurance Program

Congress Moving on Re-authorization and Reform of National Flood Insurance Program

Just in time for Thanksgiving, the U.S. House of Representatives voted last Tuesday to approve House Resolution 2874 entitled the “21st Century Flood Reform Act.” The Act must still pass the Senate and be signed by the...more

Three Questions on Disaster Response with Ernie Abbott, Of Counsel, Baker Donelson

by Baker Donelson on

What is the status of funding for rebuilding after the recent disasters in Florida, Georgia, Texas, Puerto Rico, and the U.S. Virgin Islands, and what can we expect moving forward? After each of the big disasters that have...more

National Flood Insurance Program Gets One Step Closer to Renewal

by Locke Lord LLP on

This week, the 21st Century Flood Reform Act (H.R. 2874) passed the House of Representatives and is now headed to the Senate. H.R. 2874 would renew the National Flood Insurance Program (“NFIP”) for an additional 5 years...more

National Flood Insurance Program Reauthorization Advances as Congress Debates Reform

by Baker Donelson on

Congress has until December 8 to reauthorize the National Flood Insurance Program (NFIP) and is examining a number of proposals for program reform. On November 14, the House approved the 21st Century Flood Reform Act on a...more

National Flood Insurance Program Is Relieved Of $16 Billion Debt

by Carlton Fields on

On October 26, 2017, President Donald Trump signed H.R. 2266, a disaster relief bill. Pursuant to section 308 of the bill, the Department of the Treasury will forgive $16 billion in debt owed by FEMA under the National Flood...more

Big questions still to be answered by insurers and reinsurers after hurricanes Harvey and Irma

by Hellmuth & Johnson PLLC on

This post is the last in a three part series regarding insurance issues related to hurricanes Harvey and Irma. Read about the first post on legal restoration and the second on business interruption....more

National Flood Insurance Program Reauthorized Through December 8, 2017

by Carlton Fields on

On September 8, 2017, Congress passed legislation extending the National Flood Insurance Program until December 8, 2017. The program was set to expire at the end of September. ...more

$16 Billion Debt Cancellation Gives Breathing Space for National Flood Insurance Program

The Senate’s vote Tuesday to forgive $16 billion in debt owed by the National Flood Insurance Program gives a much-needed boost for NFIP as it faces large payouts from recent hurricanes. Packaged with other disaster aid...more

Washed Away: What Rights Do You Have When Your Home is Flooded?

by Gray Reed & McGraw on

Bill Deron bought a 100-acre tract next to a creek outside the City of Houston. Deron planned to build a subdivision where some of the homes abut a creek. The other homes would sit about 15 feet higher than the creekside...more

After the Waters Recede: The Mortgage Servicer’s Role in Navigating Insurance Claims, Part III

In the first part of the series “The Mortgage Servicer’s Role in Navigating Insurance Claims,” we covered assessing property damage and applying insurance proceeds in compliance with the terms of the standard mortgage...more

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

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