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Flood Insurance

Flood Insurance. Your Instructor Today. Marjorie L. Segale, AFIS, CISC, RPLU, CIC, CRIS, ACSR, CISR Insurance Community Center, LLC Director of Education marjorie@insurancecommunitycenter.com 714.206.9583. What this class will cover. Coverage gaps in “standard” property insurance

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Flood Insurance

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  1. Flood Insurance

  2. Your Instructor Today Marjorie L. Segale, AFIS, CISC, RPLU, CIC, CRIS, ACSR, CISR Insurance Community Center, LLC Director of Education marjorie@insurancecommunitycenter.com 714.206.9583

  3. What this class will cover • Coverage gaps in “standard” property insurance • Why the NFIP program was established • Regulations governing NFIP • Sources of Claims • Eligible property • Writing coverage through NFIP • Coverage provided by the NFIP policy

  4. Coverage Gaps in Standard Property Policies 4

  5. Standard Policies 5 • Commercial Property and Personal Lines property policies contain an exclusion for flood losses • Coverage still applies to certain types of water losses, such as a broken water pipe • Very restricted coverage • Some of these policies can include coverage for water or sump pump back up of overflow • Critical coverage that should always be requested

  6. Commercial Property PolicySpecial Causes Of Loss Exclusion • Water • Flood, surface water, waves, tides, tidal waves, overflow of any body of water, or their spray, all whether driven by wind or not; • Mudslide or mudflow; • Water that backs up or overflows from a sewer, drain or sump; or

  7. Commercial Property PolicySpecial Causes Of Loss Exclusion • Water under the ground surface pressing on, or flowing or seeping through: • Foundations, walls, floors or paved surfaces; • Basements, whether paved or not; or • Doors, windows or other openings. But if Water, as described in g.(1) through g.(4) above, results in fire, explosion or sprinkler leakage, we will pay for the loss or damage caused by that fire, explosion or sprinkler leakage. Exclusions B.1.a. through B.1.g. apply whether or not the loss event results in widespread damage or affects a substantial area.

  8. HO 00 03 Flood Exclusion 8 3. Water Damage • Flood, surface water, waves, tidal water, overflow of a body of water, or spray from any of these, whether or not driven by wind; • Water or water-borne material which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or related equipment; or

  9. HO 00 03 Flood Exclusion 9 • Water or water-borne material below the surface of the ground, including water which exerts pressure on or seeps or leaks through a building, sidewalk, driveway, foundation, swimming pool or other structure; caused by or resulting from human or animal forces or any act of nature. Direct loss by fire, explosion or theft resulting from water damage is covered.

  10. Flood Facts From NFIP http://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/flood_scenarios.jsp

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