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Flood

​The commercial lines flood article below is located within the Big "I" Virtual University and for Big "I" members/subscribers, only.​
What happens with there is not enough coverage from the NFIP to cover the condo association. Do the unit owners purchase their own coverage or does the association have to purchase excess coverage?
The Stafford Disaster Relief Act places specific requirements on entities receiving disaster assistance. Many agents are unaware of the provisions of this Act. Failure to comply can be costly for your insureds.
At several conferences, I have asked what procedures risk managers and insurance brokers were using to identify all flood zone properties so as to avoid the Federal disaster relief penalties. To date, not one person was aware of the problem, and the audiences included some of the larger public entity providers in the United States.