American Action Forum: Assessing the Proposed Reforms to the National Flood Insurance Program
Targeted News Service (Press Releases)
WASHINGTON,
The National Flood Insurance Program (NFIP) is the only flood insurance program in
the United States, but it is outdated, expensive, and in debt. Recent reform proposals from the
Federal Emergency Management Agency (FEMA) and House Financial Services Democrats target the NFIP s structural and financial problems, but in different and partly contradictory ways.
In a new analysis, AAF s Director of Financial Services Policy
Thomas Wade examines
FEMA s new approach to flood risk pricing and the key provisions in the proposed House bill.
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The National Flood Insurance Program (NFIP) is not the same as commercial insurance. Every claim that is paid, is eventually paid by the U.S. Treasury. Therefore, federal courts are obligated to strictly construe NFIP policies as required by the NFIP statutes. Since an NFIP policy is also a type of insurance the insured is required to deal fairly and in good faith with the insurer and the U.S. Government.
In
Migliaro v. Fid. Nat’l Indem. Ins. Co., 880 F.3d 660 (3rd Cir. 2018) the Third Circuit was called upon to determine whether the rejection of a policyholder’s proof of loss constituted a “written denial of all or part of the claim,” thereby triggering the one-year private limitations of action that is set forth in every Standard Flood Insurance Policy (“SFIP”) and if so, whether a suit filed two years after the letter could be maintained.
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April 14, 2021 8:03 AM Jason Metz - Forbes Advisor
Posted:
Updated:
April 14, 2021 5:52 PM
The Colorado State University (CSU) Tropical Meteorology Project Team is predicting an “above average” Atlantic hurricane season this year, with 17 named storms. This includes eight hurricanes, four of which are predicted to become major hurricanes.
The CSU team bases its forecasts on models that use 40 years of historical hurricane data and evaluates conditions including:
Sea surface temperatures
Sea level pressures
El Niño
Other factors
The CSU team cites the likely absence of El Niño as the primary factor for an above-average season. El Niño is a climate pattern in the Pacific Ocean that breaks normal conditions. Hurricane frequency declines in El Niño years due to increased wind shear over the Caribbean and Atlantic, which can tear apart hurricanes as they begin to form.