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 Did you know you can potentially collect full policy limits from both your flood and property insurance policies?  Do you know how?

According to the National Flood Insurance Program, flood is the most common disaster in the United States.  On average flood claims stem from more than thirty thousand ($30,000) worth of damages.

Did you know that almost 25% of flood insurance claims come from moderate to low risk areas?

Floods do not discriminate.  They can and do happen all over the country.  Flood damages may be due to a heavy rainstorm or hurricane, melting snow, plumbing malfunctions, levee or dam failures and rising bodies of water.  Even new development can cause floods due to a change in the drainage patterns of adjacent properties.   

Becker & Poliakoff's Disaster Claims Recovery Team is in place to help you prepare for the consequences of a flood in your community. Answers to important questions will be provided in this live web event:

• What exactly does flood insurance cover?
• Who needs it?
• Are community associations required to carry it? 

Join moderator Ken Direktor, Esq. of Becker & Poliakoff ( Ft. Lauderdale ), and Greg Marler, Esq. of Becker & Poliakoff ( Naples ), who will present with guest speaker Tammy LoVecchio, AAI of Gulfshore Insurance for this Free Webinar Flood Insurance: What You Should Know to Protect Your Community.

Register below and you will receive a confirmation email with information on how to participate.

Live Webinar on Thursday, August 19, 2010
10:00 AM-11:00 AM EDT (9:00 AM-10:00 AM CDT)

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Many of the participants in the Gulf Oil Spill Webinar held on Friday, June 25, 2010 asked questions regarding the types of claims to submit, the mechanics of the claims process, whether insurance policies will provide coverage for losses and whether there is other financial assistance available. 

BP bears responsibility for various categories of damages, explained in:

BP Claims Process for Damages from Deepwater Horizon Oil Spill

You can file claims by visiting the website www.bp.com/claims or visiting one of the BP claim centers.  Lost rental income as a result of cancellations are included, but you have to substantiate the loss of revenue by tracking cancellations and showing historical earnings.

Reductions in Staff / Loss of Employment

One participant indicated the association needed to let go of staff as a result of decreased demand and asked whether fired employees could file claims for lost income.  The answer is yes and they should file those claims.  They will need some form of documentation from the former employer.  Associations in this predicament should have counsel prepare or at least review this documentation to ensure it doesn't jeopardize their claims.

Calculation of Damages or Losses

Another participant asked whether they needed to file multiple claims or wait until the season was over to calculate and file claims.  You only need to file your claim once - you can update your claim file as damages accrue.  However, please read the fine print carefully!  Sometimes even cashing a check operates as satisfaction of the claim.  If you're not sure, please consult with counsel.

Insurance Issues

Many participants asked about insurance coverage.  Officials from the NFIP (National Flood Insurance Program) announced that it will pay claims for property damage to homes (and contents) from oil driven ashore in storm surges, but there are limitations.  Flood insurance does not cover any special clean up costs associated with oil contamination.  Flood insurance provides coverage for damages from rising water (storm surge), not contamination or damages from wind containing water saturated with oil.  Many casualty/property insurance policies exclude damage from pollutants so please check with your agent (or the carrier) to learn what your coverage includes.

Other Financial Assistance

Florida offers Small Business Emergency Bridge Loans.  These are short term loans to established businesses.

SBA announced that it has made Economic Injury Disaster Loans (EIDL) available and has deferred payments on many disaster loans in the impacted areas.   Funds may be used to meet payroll, accounts payable and other financial obligations.

What if BP denies my claim?

If claims are denied or not addressed after ninety (90) days, you may appeal to the U.S. Coast Guard.  You may also submit a claim to the National Pollution Funds Center.

Link to Webinar

If you could not attend the webinar or would like an opportunity to absorb the information again, here is a link: BP Claims Process Webinar

We thank all the webinar participants for their valuable input and will continue to provide information to assist you through this process.

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On March 2, 2010, Congress passed and the President signed H.R. 4691, which extended the National Flood Insurance Program (NFIP) through March 28, 2010.  Homeowners (including community associations) who have current flood insurance policies still have coverage; but NFIP cannot issue new policies, increase coverage on existing policies or issue renewal policies.  Since the extension expired, please refer to the NFIP guide titled “Recommendations/Guidance for Possible NFIP Authority Lapse and Hiatus”.  FEMA has advised that "any hiatus period should be brief and most of the nearly 5.6 million flood insurance policyholders nationwide will not be affected".

Congress is scheduled to reconsider H.R. 4851 entitled the "Continuing Extension Act of 2010", which extends several governmental programs, on April 12, 2010. Once Congress authorizes the NFIP program again, it’s expected to make it retroactive.  However, the hiatus may slow down or delay closings that were scheduled to take place in early April.

Since flooding can often lead to mold if not addressed immediately, the U.S. Environmental Protection Agency publishes helpful information including mold clean-up guidelines. 

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