See the full video at https://youtu.be/vagB8jKN4M4  Since floods are risks of loss that are rarely covered by typical property insurance, the US Congress stepped in and created the national flood insurance program, which is a separate flood insurance that is necessary to protect against the risk of flood loss. Spong v. Fidelity Nat’l Prop. & Cas. Ins. Co., 787 F.3d 296, 304 (5th Cir.2015).
FEMA is the federal agency implementing the National Flood Insurance Program ("NFIP"), a federal program that enables property owners to join communities to purchase insurance coverage, administered by the government, against flood losses. In order to participate in the NFIP, communities must adopt and implement regulations on the management of flood plans to reduce future flood damage. Through this program, FEMA has created maps, so-called FIRMs, that delimit the boundaries within a community of flood risk areas. The FIRMs are divided into insurance risk zones depending on the probability of a flood within a certain region.
The Federal Treasury finally makes payments on flood insurance claims. ( Gowland v. Aetna 143 F.3d 951, 954 (5 Cir.1998)). The insurance process for flood insurance requires that the insured notifies the insurer of the loss and submits a fully signed and sworn proof of loss stating the nature, cause and value of the loss. Failure to comply with the letter of the law and the flood insurance deprives the insured of the right to compensation to recover from flood damage.
© 2021 – Barry Zalma
Barry Zalma, Esq., CFE, now limits his practice of serving as an insurance consultant specializing in insurance coverage, insurance claims handling, fraud and insurance fraud almost equally to insurance companies and insurance companies. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims lawyer and more than 52 years in the insurance industry. He is available at http://www.zalma.com and email@example.com.
Mr. Zalma is the first recipient of the first annual Claims Magazine / ACE Legend Award.
For the past 53 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to enable insurers and their claims staff to become professionals in insurance claims.
Go to the podcast Zalma On Insurance at https://anchor.fm/barry-zalma; Follow Zalma on Twitter at https://twitter.com/bzalma ; Go to Barry Zalma videos on Rumble.com at https://rumble.com/c/c-262921; Go to Barry Zalma on YouTube- https://www.youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg; Go to the Insurance Claims Library – https://zalma.com/blog/insurance-claims-library/ Read posts from Barry Zalma at https://parler.com/profile/Zalma/ posts; and Read the last two issues of ZIFL here. Catalog