Flood Doesn’t Have to Be Complicated!
Hurricanes, tropical storms – as we saw again this week, these severe weather events bring torrential downpours, storm surges, and flash flooding. And they’re not going away. No two ways about it – your clients need flood coverage! If you don’t write a lot of flood policies, it can seem overly complicated. But it doesn’t have…
Dispel Clients’ Myths About Flood (and Cover Your E&O Exposure, Too!)
Homeowners never think they need flood insurance until they’re standing knee-deep in their waterlogged basement. And then they’ll claim it’s YOUR fault they’re not covered. By dispelling the myths about flood insurance, you can help get your clients the important coverage they deserve. And if they still refuse? A signed Flood Insurance Waiver form helps…
“Worst Flooding in 10 Years” – Your Clients Need Coverage
Flash floods have been causing havoc in Massachusetts. Heavy rains, diverted water flows, water gushing out of storm drains… and into homes and businesses. And when your customer calls to make a claim because of water in their basement, you have to be the bearer of bad news: “You’re not covered.” If you’ve been avoiding…
Premium Grace Period Reverts to 30 Days for NFIP Flood Policies
FEMA has announced that renewal premiums for NFIP flood insurance policies expiring on or after June 16, 2020 will need to be paid within 30 days of the expiration date to avoid a lapse in coverage. Thirty days is the normal grace period. However, due to COVID-19, FEMA had extended the grace period to 120…
Dam Failure: A Lurking Flood Menace in MA
You may have heard about the dam failure in Central Michigan last month. 10,000 people evacuated. Roads and bridges closed. Could that happen here in Massachusetts? Unfortunately, yes! According to 2018 statistics from damsafety.org, 817 of the 1431 state-regulated dams in Massachusetts have either a “high” or “significant” hazard potential. (And that’s not counting private…
FEMA Extends Grace Period for Flood Insurance Renewals
FEMA Extends Grace Period for Flood Insurance Renewals To help serve its National Flood Insurance Program (NFIP) customers who may be experiencing financial hardships related to the COVID-19 pandemic, FEMA is extending the grace period to renew flood insurance policies from 30 to 120 days. This extension applies to NFIP flood insurance policies with an…
NFIP Extension Through Sept. 30 Awaits President’s Signature
NFIP Extension Through Sept. 30 Awaits President’s Signature On Monday, June 3, the Big “I” released the following statement by Charles Symington, Big “I” senior vice president of external, industry & government affairs, on the Congressional reauthorization of the National Flood Insurance Program (NFIP): “The Big ‘I’ thanks the House of Representatives for passing the…
Important NFIP Changes
Important NFIP Changes In Bulletin W-19002, FEMA announced changes to Cancellation Reason Code 26 of the NFIP Flood Insurance Manual (FIM). The new language states that a policyholder canceling their NFIP policy in favor of a private flood policy is eligible for a full premium refund without FEMA approval only if:
Tips for Protecting Your Agency from Flood-Related E&O Claims
Tips for Protecting Your Agency from Flood-Related E&O Claims Recent storms and flooding events have caused an uptick in E&O claims against agencies, as desperate insureds try to recoup flood losses by taking action against their insurance agents. Utica National Insurance Group recently published valuable tips about what you can do to help protect your…