Property Insurance Roundtable

Flood Insurance

11.30.2015

Our flood insurance industry experts answer your flood insurance questions. This roundtable will help you understand which types of damages will be covered and excluded by flood insurance coverage. Replacement cost value and actual replacement value are discussed in length to prepare you for acquiring new policies as well as updating your existing ones. It is recommended you understand all aspects of your policy provisions.

Key Takeaways

  • [00:58] What is the National Flood Insurance Program (NFIP) and why is it necessary to hold one of these policies?
  • [02:05] If a community does not have a floodplain management plan, can a policyholder still purchase flood insurance?
  • [03:00] Will the Federal Emergency Management Agency (FEMA) help in my recovery from a large flood disaster?
  • [04:14] What are the guidelines for a flood insurance claim with the NFIP?
  • [04:30] If a home or business lies outside of a floodplain area, is it still possible to carry flood insurance through the NFIP?
  • [05:19] What can a policyholder expect in terms of premium costs?
  • [08:48] Can shopping insurance companies find a policyholder better rates and policies on flood insurance?
  • [10:06] What coverages are included in a flood policy from the NFIP?
  • [11:23] Who would adjust a NFIP policy claim?
  • [12:26] Will flood insurance cover all contents inside and outside of a home/business?
  • [13:48] Explain the ‘Increased Cost of Compliance Coverages’ and how it could affect a policyholder’s recovery.
  • [16:27] Will deductibles come into play with these policies?
  • [16:43] By holding a standard insurance policy and a flood insurance policy, can an insured expect to be covered in full for their loss? What would be excluded by holding the two policies?
  • [18:57] Are there coverage and limit differences between standard built homes and manufactured housing?
  • [19:58] How does Replacement Cost Value and Actual Cash Value come into play when going through a flood claims process?
  • [21:05] Will a flood policy provide Business Interruption and Extra Expense Coverage?
  • [25:25] Garden-style apartments are popular and offered by a lot of apartment communities. How will a flood policy cover this type of abode?
  • [28:03] Has there ever been loopholes or unforeseen circumstances where a tenant of a garden-style apartment has been fully covered?
  • [29:18] What is the most important thing an insured should do to achieve a fair settlement when undertaking a flood insurance claim?
  • [31:59] Why would an insured need the help of a public adjuster when handling a flood loss?
  • [33:49] What roles do the people involved play in a claim? Why can an insurance company adjuster not handle all of it?
  • [35:42] Are there any problems with flood risk assessments?
  • [37:38] Things to consider when dealing with a flood insurance claim
  • [39:05] Are aggressive insurers offering alternatives to NFIP?
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Panelists

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Gregory P. Raab
Vice President & Executive Director of Operations and Administration

Greg Raab oversees professional resource development and firm services provided to the Adjusters International family of firms. These responsibilities include recruiting, interviewing, hiring and training new personnel for all engagements, along with managing staff training and professional development. He serves as project manager on various recovery projects, and leads our firm-to-firm outreach efforts for teaming relationships, subcontracted work, and other business partner development opportunities.

As a licensed public insurance adjuster and advocate for the insured, Raab has been involved in the settlement of hundreds of property claims for municipalities, towns, school districts, not-for-profits, museums, libraries, manufacturing facilities, retail stores, restaurants, hotels, property management companies and residential clients. As a specialist in complex property damage claims, including loss of revenue, business income and extra expense claims, he has been instrumental in helping clients recover from all types of losses including floods, fires and widespread disasters such as hurricanes.

Raab is the current First Vice President and Board Member for the National Association of Public Insurance Adjusters (NAPIA). He has been a featured speaker on property loss topics for various groups, including the First Party Claims Conference (FPCC), Community Associations Institute (CAI) and Disaster Restoration Contractor’s International Conference. In addition, Raab is a published author of articles on a variety of topics related to disaster recovery.

Greg has been featured as an expert panelist on Adjusters International’s Property Insurance Roundtable podcast in the episode titled, “Flood Insurance: Understanding and Recovering From One of Nature’s Worst Disasters."

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James R. Mahurin
Risk Management Consultant and member of the Society of Risk Management Consultants

Self-employed Risk Management and Insurance consultant providing fee-for-service assistance to the insurance buyer.  Perform risk management studies, independent evaluations of commercial insurance programs, conduct competitive proposal/bid process and self-insurance feasibility studies.  Work experience includes projects in approximately twenty states.  Litigation support and expert witness services to law firms began following the Daubert decision in 1993. This work split is approximately fifty/fifty between plaintiff and defense.  Litigation involvement includes agent custom and practice, flood (including both NFIP and private insurance), property, crime, liability, employee benefits, property leases, Broad Form Property Damage (BFPD), etc.  The BFPD includes both course of construction and construction defects.

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C. Todd Thomas
Vice President of Risk Management

Todd Thomas is the Vice President at Adjusters International. He is also the Chief Consultant and Partner of Adjusters International’s affiliate Sigma Consulting Corp. He has worked in the Management Consulting industry for 23 years. Currently, he works with Adjusters International’s strategic partners to offer the highest quality Risk Management and Disaster Recovery consulting services possible. Thomas has worked in a management capacity on high-profile FEMA, insurance and construction projects since 1996. Thomas regularly serves as an expert witness and Special Master to courts in the area of finance & insurance.

Thomas’ experience assisting public entities, non-profits and other organizations with risk management and insurance includes but is not limited to broker selection, insurance marketing, total cost of risk, risk identification, risk allocation, underwriting, claims, financial risk management, FEMA obtain & maintain compliance, risk analysis, risk management information systems and enterprise risk management.

He is a Fellow of the American Academy of Financial Management (FAAFM), Member of the American Economic Association, Member of the Association of Certified Chartered Economists, a Fellow of the Risk and Insurance Management Society, Member of the Global Risk and Insurance Management Institute, Caribbean Actuarial Association and Member of the Institute and Faculty of Actuaries. Todd is a Chartered Economist (ChE), Certified Risk Analyst (CRA), Certified Organizational Risk Manager (CORM), RIMS Fellow (RF), Fellow of Risk Management (FRM), Chartered Property & Casualty Underwriter (CPCU), Associate in Risk Management specializing in Public Entities (ARM-P), Master Project Manager (MPM), Accredited Financial Analysis (AFA), Accredited Management Accountant (AMA) and Workers Compensation Claims Law Specialist (WCLS).

Moderator

Marjorie Zeoli Musick

For further information on this topic, please read our Adjusting Today article: “Flood: Understanding and Recovering From One of Nature’s Worst Disasters”