INSURANCE EXPERT WITNESS / INSURANCE CONSULTANT

National Flood Insurance Program (NFIP)

During our insurance agency years, we obtained flood insurance for clients on both commercial buildings, homes, and the contents for each. We can assist attorneys litigating this line of coverage, and consumers or business analyzing their need for flood insurance.

The National Flood Insurance program under the auspices of FEMA was established by the U.S. Congress in 1968. It is unique in the world as the largest insurance program in the world providing coverage for a single peril (flood). This simplifies underwriting, but the catastrophic nature of flood claims is not so simple. The National Flood Insurance Program and Terrorism Risk Insurance Act (TRIA) are the 2 major property insurance programs established and funded by the federal government. 

Computer advances have made it much easier to acquire prompt flood zone determinations and streamline policy issuance. FEMA now contracts with nearly 100 insurance companies to administer policy issuance and claims servicing. All building owners applying for a federally backed mortgage and located in a FEMA 100-year flood plains are required to carry flood insurance.

The insurance marketplace now offers "Excess Flood" limits providing coverage above the maximum limits available from the National Flood Insurance Program.