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Flooding: Everyone is Exposed, Few are Insured, But New Options Entice

CORPORATE OFFICE 126 Business Park Drive Utica, New York 13502 800.382.2468 Outside U.S. (315) 797.3035 FAX: (315) 272.2054 Editor@AdjustingToday.com Follow Adjusting Today on Facebook & Twitter: Facebook.com/AdjustersInternational Twitter.com/AdjustingToday ADJUSTING TODAY ® is published as a public service by Adjusters International, Ltd. It is provided for general information and is not intended to replace professional insurance, legal or financial advice for specific cases. ADJUSTINGTODAY ® AdjustingToday.com View our entire catalog of back issues, download PDF versions, subscribe and contact the editor. WEB ADDRESSES AdjustersInternational.com AdjustingToday.com PUBLISHER Ronald A. Cuccaro, SPPA EDITOR Sheila E. Salvatore AT20 3054 1 https://www.fbiic.gov/public/2010/mar/FloodingHistoryandCausesFS.pdf. 2 L.S. Howard, “Private Flood Insurers Not Yet Ready to Fill Massive U.S. Protection Gap,” Insurance Journal, Jan. 24, 2019 accessed at https://www.insurancejournal.com/news/ international/2019/01/24/515647.htm. 3 Federal Emergency Management Agency (FEMA), Total Policies in Force by Calendar Year; accessed at https://www.fema.gov/total-policies-force-calendar-year. 4 Carolyn Kousky, Howard Kunreuther, Brett Lingle, and Leonard Shabman, The Emerging Private Residential Flood Insurance Market in the United States, July 2018, p.4; accessed at https://riskcenter.wharton.upenn.edu/wp-content/uploads/2018/07/Emerging-Flood- Insurance-Market-Report.pdf. 5 2019 Private Flood Insurance Report, Carrier Management, p.4; accessed at https://www. insurancejournal.com/research/research/2019-private-flood-insurance-report/. 6 Ibid., p.7. 7 ISO-Verisk, “ISO Launches Commercial Flood Insurance Program,” Aug.10, 2017, at https:// www.verisk.com/press-releases/2017/august/iso-launches-commercial-flood-insurance- program/; see also “Verisk Expands Offerings to Support Development of Private Flood Insurance Market,” Jan.11, 2018; accessed at https://www.verisk.com/press-releases/2018/ january/verisk-expands-offerings-to-support-development-of-private-flood-insurance-market/. 8 See FEMA, “Standard Flood Insurance Policy Forms,” at https://www.fema.gov/national- flood-insurance-program/standard-flood-insurance-policy-forms. 9 See John Dickson, “Year in review: 2019 and the flood insurance industry,” PropertyCasualty360, Dec.3, 2019; accessed at https://www.propertycasualty3 60. com/2019/12/03/year-in-review-2019-and-the-flood-insurance-industry/. Mr. Harrington is an independent insurance writer and communications specialist. He served for over 20 years as communications director for the American Association of Insurance Services (AAIS). His work has been published in Best’s Review, Rough Notes, publications of The Institutes, and elsewhere. Joseph S. Harrington, CPCU, ARP ABOUT THE AUTHOR Adjusting Today Basis for Institutes CE Courses The Institutes, the leader in providing knowledge solutions for risk management and the property/casualty insurance industry, offers continuing education courses based on technical information compiled from issues of Adjusting Today . The courses —“Valuing a Property Insurance Claim” and “Natural Disasters: Coverage Issues”— include seven modules each and are approved for credit by insurance departments in most states. They are offered to property insurance producers, adjusters or both, depending on the state, for up to three continuing education credit hours per course. More information is available at CEU.com . Copyright © 2020 Rising Phoenix Holdings Corporation. All Rights Reserved.

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