Posted by Jennifer Nausin on Thu, Jul 08, 2010 @ 03:51 PM
Congress has approved another temporary extension of the National Flood Insurance Program, this time authorizing the program through September 30th. Many are hoping that the temporary fix will be the last of the short term solutions and that government will seek a permanent decision on the status of the program.
For more information on National Flood Insurance Program's Re-Authorization and to Read Comments from the "Big I" click here: Insurance Journal
Posted by Jennifer Nausin on Fri, May 28, 2010 @ 04:32 PM
The National Flood Insurance Program is set to expire on May 31st. For the fourth time this year, indecision on legislature has allowed the program to lapse. As stated in the earlier lapses: no new NFIP policies or NFIP policy renewals will be issued until the program is re-authorized.
If you are in need of Flood Insurance, Floodplus has access to Flood Insurance through Private Insurance Providers.
Click here to get a Quote or contact a Flood Specialist at 800-597-1866
UPDATE: Read FEMA's Bulletin about the lapse
Posted by Jennifer Nausin on Thu, May 20, 2010 @ 04:07 PM
More guest bloggers... Hooray!
Mike Flaherty, Vice President - Marketing, highlights for us details that can help Lenders better protect their REO properties.
1. If a property is vacant for more than 30 days, most policies suspend Vandalism and Malicious Mischief. Make sure your policy adds this coverage back in.
2. Any material change in ownership allows the insurance company to cancel a policy. If the property becomes a Real Estate Owned, and you are using the borrower's homeowner's policy, make sure the insurance carrier is aware of the change of ownership and occupancy.
3. Actual Cash Value means replacement cost minus depreciation.
4. There are 3 common forms of Fire Insurance policies that may apply to residential or commercial properties: Basic Form, Broad Form, and Special Form. Usually forced order policies provide Special Form on residential and Basic Form on commercial. The perils insured are broader on Special Form and Broad Form. These cover all the Basic Perils plus Water Damage, Collapse, Weight of ice and snow, Falling Objects, Volcanic action, and Sprinkler Leakage.
5. If a property is vacant, it is important you maintain operating heat in the building or drain the pipes and shut off the water. Otherwise, if pipes freeze and cause a Water Damage loss under Broad or Special Form, the claim may be denied. Basic Perils doesn't cover Water Damage.
6. If you have obtained a foreclosed property, make sure you get a property inspection or a property condition report, make sure this is done prior to the placement of the policy.
7. Obtain a loss payee endorsement. This extends a lender's rights in regards to claims.
Do you want to reach out to Mike to discuss details about the items above? Find him on Twitter @MikeFla and LinkedIn
Posted by Jennifer Nausin on Fri, Apr 09, 2010 @ 12:32 PM
With the lapse of the National Flood Insurance Program there have been lots of questions arising about Private Flood Insurance - What is it? How does it work? Will it work for my requirements
If you are looking to learn more about Private Flood Insurance and how it can benefit you; please join Seattle Specialty Insurance Service's President, Rick Pedack, as he presents at the National Flood Conference in San Diego. The session description and location details can be found below.
Sheraton San Diego Hotel and Marina
1380 Harbor Island Drive, San Diego, CA 92101
Phone: (619) 291-2900
10:30 AM Monday, April 12th, 2010
W6- Regulatory Perspective on Private Flood Insurance
Join a panel of private flood insurance experts, including a Federal Regulatory Agency member, in discussing compliance issues for lenders applicable to private flood insurance. In addition, two State Departments of Insurance will discuss regulation of private companies and private flood insurance products.
Moderator: Larry Palmer
Presenters: James J. Donelon, Louisiana Commissioner of Insurance; Thomas Alger, Communication Director, Iowa Department of Insurance; Mark Mellon, Attorney from the FDIC; and Richard E. Pedack, Chairman Mountain Pacific Bank of Everett, WA and President Seattle Specialty Insurance Services, Inc.
Posted by Jennifer Nausin on Wed, Feb 03, 2010 @ 12:07 PM
Greetings all! It has been a few months in the making, but we are just days away from launching the newly redesigned Seattle Specialty website. Here's a sneak peak of the re-design - What do you think?
If you want to be in the know about Seattle Specialty and Floodplus, find us on Twitter @seattlespecialT or become a Fan of Seattle Specialty and Floodplus on Facebook
Posted by Jennifer Nausin on Tue, Nov 10, 2009 @ 12:35 PM
Too many times our Claims Manager hears "But I thought
our policy covered everything"
Don't let this happen to you. At the time of a loss is
not the time to think about the coverage in your policy.
11 Questions You Need to Ask Your Flood Insurance Agent:
1.
Is my policy a National Flood Insurance Policy?
2.
Who do I contact if I have a loss?
3.
What amount does the policy cover?
4.
Does the policy cover the interior and exterior
of the building?
5.
Do I need an excess flood insurance policy?
6.
When does the policy start and how long is it in
effect?
7.
What is my deductible?
8.
Does my flood policy coverage include additional living
expenses?
9.
Does the policy cover damage to a basement?
10. What is the appropriate amount of dwelling and
contents coverage?
11.
Does my policy pay for replacement cost?
Knowing this information at the time of policy placement is an important part of being Flood Ready. Also, make sure to keep all of your Flood Insurance information and documentation in one safe place so you will know where to find it in case of a flood emergency.
You can also visit http://www.fema.gov/business/nfip/sfip.shtm for information about your NFIP policy.
Posted by Jennifer Nausin on Thu, Oct 29, 2009 @ 03:15 PM
Its rainy season here in Seattle and with local concerns related to the Howard Hanson Dam & Green River Valley, we have been talking about flood insurance quite a bit. In speaking with our network of agents we have noticed that there are some common questions we hear nearly every day. Listed below are some of the most commonly heard questions about Flood Insurance, the Howard Hansen Dam and the Green River, and some simple answers to those questions in laymen's terms.
What happens if the Howard Hansen Dam on the Green River releases too much water and causes flooding? Am I covered?
If you have a NFIP Policy - YES!
What happens if the Howard Hansen Dam collapses? Am I covered?
Yes, but we would recommend heading for the hills as the damage would be huge.
What is the difference between the National Flood Insurance Program (NFIP) and Federal Flood Insurance?
Both program names reference the federally backed flood insurance program administered by FEMA - NFIP and Federal Flood Insurance are the same thing.
What is Write Your Own Flood Insurance?
The "Write Your Own" (WYO) Program of the NFIP allows regular insurance companies to issue and service NFIP policies with federal government backing. WYO carriers procure, produce, and handle NFIP claims on behalf of the insurer.
What is the difference between a basement, a crawl space and an enclosure?
A. Basement: below grade on all 4 sides (You could live down there)
B. Crawl Space: below the lowest habitable floor (You can't live down there)
C. Enclosure: Non habitable area attached to the building, i.e. a non-habitable garage (You can't live down there either)
Can a National Flood Insurance Policy be paid monthly?
No, policies are annual. The only exception to this would be if you arranged for your bank to pay for your policy through an escrow account. Another option would be to pay on a credit card and then make the monthly payments to your credit card company.
Posted by Jennifer Nausin on Wed, Oct 07, 2009 @ 06:11 PM
Thursday, October 1st - Just hours before the program was set to expire, the U.S. Senate passed a temporary extension of the National Flood Insurance Program (NFIP) extending the program through Oct. 31, 2009.
In a recent Insurance Journal article Robert Rusbuldt, Big "I" president and CEO states, "It is alarming that the NFIP, which was set to expire..., came within a few hours of leaving millions of homeowners and small businesses unprotected." He goes on to say, "Had the program been allowed to expire, it would have resulted in no more new or renewed flood insurance policies and millions of consumers would have been left without flood insurance coverage."
A full story about the Big I's reaction to the extension and thoughts on potential outcome can be found on the Insurance Journal website.
Posted by Jennifer Nausin on Wed, Oct 07, 2009 @ 04:02 PM
In The Top 10 Things Every Lender Should Know about the NFIP FEMA addresses a lender's "must-know" items about the National Flood Insurance Program and Regulatory Compliance
The short list can be seen below and a detailed list can be found on FEMA's website
1. Flood insurance is mandatory for buildings in FEMA-identified high-risk flood areas, which are called Special Flood Hazard Areas (SFHAs).
2. Ensure that flood insurance coverage is maintained for the term of the loan.
3. Flood zone determinations are required to establish whether a building is located in a SFHA.
4. Know the amount of flood insurance coverage to require.
5. Notify borrowers in writing of the requirement to buy flood insurance for new and existing loans.
6. Escrow flood insurance premiums.
7. There is no waiting period for flood insurance to go into effect when it is purchased in connection with the making, increasing, renewing, or extending a loan.
8. Notify the insurance company or agent when the lender or servicer of a loan changes.
9. For more information about the mandatory purchase of flood insurance requirements, and other related topics, read The Mandatory Purchase of Flood Insurance Guidelines.
10. Flood insurance and the mandatory purchase laws help protect your investments as well as your borrowers' against uninsured flood losses.
Posted by Jennifer Nausin on Thu, Sep 24, 2009 @ 05:31 PM
We are fortunate enough to have Kristin Minich, AVP of Floodplus guest blogging this week with "2 Things Every Agent Needs to Know"
Customer Care should be part of everyone's job description. By taking care of the customer you are taking care of the business, cultivating leads, providing E&O protection, and increasing sales.. But in every organization there are those people - the customer facing people - whose primary responsibility it is to take care of the customer. It's to them I am speaking today, so be sure to make sure that everyone in your organization has a chance to read these tips.
It's especially critical in these challenging times to take Exceptional care of the customers we have, so here are 2 things that I think every customer service person needs to know.
1. Know your products - Know enough to know the difference in the product lines you represent!
In the case of flood insurance:
a. Standard Flood Insurance is available through the federal government's National Flood Insurance Program (NFIP) under the Write Your Own (WYO) program or directly.
b. Excess Flood Coverage An excess flood policy can be used to provide coverage above the standard limits. Also, if someone lives in an area that does not have flood insurance available, they can purchase this type of policy.
2. Do more Professional Training - Training is a necessity for every industry so go out and get more education!
It's in the best interest of the customer for you to show up and be fully prepared for your job. As an insurance agent, training helps you clearly explain the importance of flood insurance protection.
Some easy ways to obtain additional job training: