News & Analysis as of

Flood Insurance

Orrick, Herrington & Sutcliffe LLP

Fed issues flood insurance-related enforcement action

On October 3, the Fed issued an enforcement action against a state member bank based in Montana for alleged violations related to flood insurance. Pursuant to the National Flood Insurance Act and its implementing Regulation...more

Baker Donelson

Understanding Disaster Appropriations

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The ever-increasing cost of disasters and Congress' reliance on 11th-hour continuing resolutions (CRs) often result in a storm of questions regarding disaster appropriations. This disaster recovery brief explains some of the...more

Ballard Spahr LLP

NFIP extended until Dec. 20

Ballard Spahr LLP on

The House and Senate on September 25, 2024 passed legislation that would extend key parts of the National Flood Insurance Program (NFIP) until December 20, 2024. The extension is included in H.R. 9747, which also would...more

Awatif Mohammad Shoqi Advocates & Legal...

Insurance Considerations for Insurers and Businesses Following Heavy UAE Rainfall

In light of the recent heavy rainfall in the UAE, both insurers and businesses must understand the legal framework outlined in Federal Law No. 5/1985 on Civil Transactions Law or Civil Code. This law provides comprehensive...more

Bradley Arant Boult Cummings LLP

Court Rejects Application of Flood Exclusion to Hurricane Rainfall

As the Atlantic hurricane season reaches its peak in September, bringing with it rainfall and flooding, a recent New Jersey court held a sewer overflow resulting from rainfall was not caused, directly or indirectly, by a...more

Ward and Smith, P.A.

What! My Flood Policy Doesn’t Cover Flood Damage?! This, and Other Pitfalls of NFIP Flood Insurance Policies

Ward and Smith, P.A. on

Congress created the National Flood Insurance Program (the "NFIP") to help make flood insurance more affordable in areas prone to flood damage.  FEMA oversees the program and writes the terms of the Standard Flood Insurance...more

Ward and Smith, P.A.

The Aftermath: Recovering From a Hurricane

Ward and Smith, P.A. on

These powerful storms are unpredictable, and despite our best efforts to prepare, they often leave a trail of destruction in their wake. When the winds finally die down and the floodwaters recede, they often leave behind a...more

Ballard Spahr LLP

National Flood Insurance Program to Expire on Sept. 30

Ballard Spahr LLP on

The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it. Congress has been unable to enact a long-term extension of parts of the...more

Cozen O'Connor

Court Addresses Whether Rainwater Accumulation on Roof Constituted “Surface Water”

Cozen O'Connor on

In Zurich American Insurance Company v. Medical Properties Trust, Inc., 2024 WL 3504060 (Mass. Jul. 23, 2024), the Supreme Court of Massachusetts held that the term “surface waters,” as used in a limitation contained in a...more

Strafford

[Webinar] Distressed Financing: Avoiding Pitfalls in Planning and Execution - Agency Resignation and Transfer, Rebalancing of...

Strafford on

This CLE course will examine some of the more common pitfalls in loan restructurings that are frequently unidentified or ignored until they appear at or after closing. The panel discussion will include agency resignations,...more

GeoDataVision

Flood Basics still causing pain for some

GeoDataVision on

This podcast discusses flood regulations for institutions lending money on properties. While there are many federal laws, some key ones being the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of...more

Flaster Greenberg PC

Three Steps You Can Take Now To Ensure Your Insurance Policy Can Weather Florida Hurricane Season

Flaster Greenberg PC on

This year is predicted to be an active hurricane season in Florida and the southeastern United States. If you own property in Florida and other hurricane-prone areas, having the right hurricane insurance in place to protect...more

Lowndes

What Landlords and Tenants Need to Know This Hurricane Season (UPDATED)

Lowndes on

The 2024 Atlantic hurricane season starts this Saturday and runs until November 30. According to the National Oceanic and Atmospheric Administration (NOAA), this season is expected to be busier than usual. The increased...more

Orrick, Herrington & Sutcliffe LLP

HUD announces FFRMS final rule

Recently, HUD announced a final rule to implement the Federal Flood Risk Management Standard to “protect communities from flood risk, heavy storms, increased frequency of severe weather events and disasters, changes in...more

Bradley Arant Boult Cummings LLP

HUD’s Federal Flood Risk Management Standard Final Rule to Help Communities Reduce Flood Damage, but Tradeoffs Draw Criticism

On April 22, 2024, the Department of Housing and Urban Development (HUD) published its final rule regarding updated flood insurance requirements in certain areas of the country: Floodplain Management and Protection of...more

Holland & Knight LLP

New Jersey Expands Real Property Owners' Flood Notification Obligations

Holland & Knight LLP on

New Jersey Gov. Phil Murphy signed into law the Flood Risk Notification Law (P.L. 2023, c.93) on July 3, 2023, amending the Truth-in-Renting Act (P.L. 2001, c.313) and supplementing the Consumer Fraud Act (P.L. 1960, c.39),...more

BCLP

Climate Change Due Diligence for Real Estate Acquisitions

BCLP on

By 2050 rising sea levels will exacerbate episodic storm surges and inundate an estimated 87,000 square kilometers (21.5 million acres) of coastal areas worldwide, exposing $1.7 trillion of real estate to catastrophic damage....more

Greenbaum, Rowe, Smith & Davis LLP

New Jersey Imposes New Flood Hazard Disclosure Requirements on Sellers and Landlords

The New Jersey statute concerning real property and flood notifications, commonly referred to as the Flood Hazard Disclosure Law, was enacted on July 3, 2023. The law imposes certain disclosure requirements on both landlords...more

Cozen O'Connor

Certain Residential Leases Must Now Disclose Flood History and Risk

Cozen O'Connor on

Effective immediately, Section 231-B of New York Real Property Law (Section 231-B) has been amended to require that every existing and prospective residential lease provide a notice to the tenant related to the leased...more

Faegre Drinker Biddle & Reath LLP

National Flood Insurance Program: 2023 Refresher and Updates

As we enter the last quarter of a year that saw historic flooding across the country, including most recently in New York City, it is a good time to review the National Flood Insurance Program (NFIP) and highlight a few...more

Harris Beach PLLC

New York Revises Property Disclosure Forms to Address Flood Risk

Harris Beach PLLC on

New York home sellers now must disclose information about flood risk, flood history and flood insurance to potential buyers under legislation recently signed by Gov. Kathy Hochul, further amending the requirements of the...more

Ward and Smith, P.A.

The Aftermath: Recovering From a Hurricane - Update

Ward and Smith, P.A. on

Hope for the best and prepare for the worst—that's the best advice to protect yourself from hurricanes.  Despite our best efforts, there's no telling what these storms will bring when they blow through town....more

Hahn Loeser & Parks LLP

Lessons Learned from Hurricane Ian Can Maximize Idalia Insurance Recovery Efforts

The communities of Southwest Florida suffered a catastrophic blow in September of 2022 when Hurricane Ian decimated so much in its path. Now Hurricane Idalia brings yet another set of challenges to Southwest Floridians, who...more

Pillsbury - Gravel2Gavel Construction & Real...

Real Estate & Construction News Roundup (05/10/23) – Wobbling Real Estate, Booming (and Busting) Construction, and Eye-Watering...

In our latest roundup, the commercial real estate sector continues to wobble, construction booms and busts, flood insurance premiums reach eye-watering levels, and more. In its latest Financial Stability report, the Federal...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases March enforcement actions

On April 28, the FDIC released a list of administrative enforcement actions taken against banks and individuals in March. The FDIC made public 11 orders including “four prohibition orders, three orders terminating deposit...more

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