Insurance Journal » National Flood Insurance Program http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 05 Mar 2015 10:07:16 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 N.J. Congressman Calls for FEMA Chief’s Resignation http://www.insurancejournal.com/news/east/2015/03/03/359129.htm Tue, 03 Mar 2015 17:19:13 +0000 http://www.insurancejournal.com/?p=359129 A New Jersey congressman is asking for the resignation of Federal Emergency Management Agency (FEMA) Administrator W. Craig Fugate and an immediate investigation into FEMA after reports that FEMA was aware of allegedly fraudulent engineering reports that may have been …

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Hurricane Sandy Victims Reach First Set of FEMA Insurance Settlements http://www.insurancejournal.com/news/east/2015/03/03/359053.htm Tue, 03 Mar 2015 14:48:03 +0000 http://www.insurancejournal.com/?p=359053 Federal disaster assistance officials have begun reaching settlements with more than 1,000 Hurricane Sandy victims who allege they were unfairly denied flood insurance claims or paid too little for them. Lawyers for property owners told federal magistrate judges overseeing lawsuits …

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FEMA Exec Tells ’60 Minutes’ He’s Seen Evidence of Fraudulent Reports http://www.insurancejournal.com/news/east/2015/03/02/359006.htm Mon, 02 Mar 2015 17:53:14 +0000 http://www.insurancejournal.com/?p=359006 The head of Federal Emergency Management Agency’s (FEMA) flood insurance program acknowledged he has seen evidence of fraudulent engineering reports that may have been used to deny flood claims by Superstorm Sandy victims, according to CBS’s “60 Minutes” program that …

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Twice-Wounded Sandy Victims Seek Payout as FEMA Presses Insurers http://www.insurancejournal.com/news/east/2015/02/25/358584.htm Wed, 25 Feb 2015 14:41:06 +0000 http://www.insurancejournal.com/?p=358584 Some homeowners hit by Hurricane Sandy say they’ve been victimized twice: first by the storm and later by insurers. John Clancy says his insurer, an Allstate Corp. unit, paid just $46,000 of the more than $200,000 in repairs needed on …

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New Jersey’s U.S. Senators Seek Probe of Any Sandy Insurer Fraud http://www.insurancejournal.com/news/east/2015/02/23/358377.htm Mon, 23 Feb 2015 17:32:22 +0000 http://www.insurancejournal.com/?p=358377 New Jersey’s U.S. senators want the state attorney general’s office to investigate possible fraud by insurance companies following Superstorm Sandy. Sens. Robert Menendez and Cory Booker asked Acting Attorney General John Jay Hoffman to investigate any fraud by insurers looking …

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Long Island Engineering Firm Raided in Sandy Investigation http://www.insurancejournal.com/news/east/2015/02/20/358234.htm Fri, 20 Feb 2015 17:49:36 +0000 http://www.insurancejournal.com/?p=358234 The New York attorney general’s office executed a search warrant Wednesday at a Long Island engineering firm that has been accused in civil lawsuits of submitting bogus inspection reports on homes damaged by Superstorm Sandy. Investigators worked throughout the day …

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FEMA in Talks to Settle Sandy Flood Insurance Claims http://www.insurancejournal.com/news/east/2015/02/19/358045.htm Thu, 19 Feb 2015 14:43:33 +0000 http://www.insurancejournal.com/?p=358045 The Federal Emergency Management Agency is working to settle lawsuits by hundreds of Hurricane Sandy victims who challenged denials or alleged underpayments of flood insurance claims. Brad Kieserman, deputy associate administrator for insurance at FEMA, disclosed the settlement talks during …

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Sandy Flood Insurance Issues Said to Be Focus of Criminal Probe http://www.insurancejournal.com/news/east/2015/01/25/355288.htm Mon, 26 Jan 2015 04:23:20 +0000 http://www.insurancejournal.com/?p=355288 New York’s attorney general has opened a criminal probe into accusations by Hurricane Sandy victims that insurance companies rejected claims for flood damage to their properties based on falsified engineering reports, a person familiar with the matter said. New York …

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Insurers Dogged by Claims of Slanted Sandy Reports http://www.insurancejournal.com/news/east/2014/12/28/351171.htm Sun, 28 Dec 2014 22:35:23 +0000 http://www.insurancejournal.com/?p=351171 When Superstorm Sandy hit the East Coast, flood insurance companies working for the Federal Emergency Management Agency dispatched an army of structural engineers to do some detective work. Their assignment: Find out how much damage to policyholders’ homes was caused …

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FEMA Sets Up Interim Flood Insurance Advocate http://www.insurancejournal.com/news/national/2014/12/22/350902.htm Tue, 23 Dec 2014 00:46:45 +0000 http://www.insurancejournal.com/?p=350902 The Federal Emergency Management Agency (FEMA) has launched the interim office of the Flood Insurance Advocate. The interim office will be led by Acting Flood Insurance Advocate David Stearrett beginning Dec. 22. Stearrett most recently served as chief of Floodplain …

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Sandy Flood Insurers Ordered to Disclose Drafts of Engineering Reports http://www.insurancejournal.com/news/east/2014/12/09/349403.htm Tue, 09 Dec 2014 22:26:55 +0000 http://www.insurancejournal.com/?p=349403 A Travelers Cos. unit and other flood insurers accused by Hurricane Sandy victims in New York of using falsified engineering reports must turn over the drafts to policyholders, a three-judge panel ruled amid allegations that manipulation may have been widespread. …

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Travelers Unit Sued Over Allegedly Manipulated Sandy Report http://www.insurancejournal.com/news/east/2014/12/07/349120.htm Mon, 08 Dec 2014 04:36:03 +0000 http://www.insurancejournal.com/?p=349120 A Travelers Cos. unit was sued by two New York homeowners who accused it of using a doctored engineering report to reject much of their claim for flood damage from Hurricane Sandy, making it the third insurer to face such …

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Lawmakers: Sandy Flood Insurance Concerns Will Be Addressed http://www.insurancejournal.com/news/east/2014/12/06/349114.htm Sun, 07 Dec 2014 04:20:45 +0000 http://www.insurancejournal.com/?p=349114 Federal emergency officials are taking new steps to address concerns from homeowners still struggling to rebuild after Superstorm Sandy more than two years ago, New Jersey and New York lawmakers announced on Friday, Dec. 5. U.S. Sen. Robert Menendez, D-N.J., …

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Hartford Unit Faces Racketeering Suit on Sandy Claims http://www.insurancejournal.com/news/east/2014/12/04/349010.htm Fri, 05 Dec 2014 04:00:23 +0000 http://www.insurancejournal.com/?p=349010 A couple claiming damage from Hurricane Sandy filed court papers accusing a Hartford Financial Services Group Inc. unit, an engineering firm and a law firm for the insurer of engaging in racketeering by scheming to use fraudulent reports to deny …

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Update: Hartford Unit Accused of Using Fudged Hurricane Sandy Report http://www.insurancejournal.com/news/east/2014/12/03/348783.htm Wed, 03 Dec 2014 15:31:50 +0000 http://www.insurancejournal.com/?p=348783 A Hartford Financial Services Group Inc. unit was accused by a lawyer representing Hurricane Sandy victims of using a falsified damage report to dodge paying homeowner claims, the second insurer blamed in the last month for such a practice. The …

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Hartford Unit Accused of Using Fudged Hurricane Sandy Report http://www.insurancejournal.com/news/east/2014/12/02/348652.htm Tue, 02 Dec 2014 15:51:33 +0000 http://www.insurancejournal.com/?p=348652 A Hartford Financial Services Group Inc. unit was accused by a lawyer representing policyholders affected by Hurricane Sandy of denying a claim from the storm based on an altered engineering report. The lawyer submitted evidence of the altered report yesterday …

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Superstorm Sandy Victims Allege Racketeering in Flood Claims Review http://www.insurancejournal.com/news/east/2014/11/24/348082.htm Mon, 24 Nov 2014 22:14:00 +0000 http://www.insurancejournal.com/?p=348082 Wright National Flood Insurance Co. and U.S. Forensic LLC, an engineering firm, were sued by New York homeowners who claim the companies conspired to manipulate reports and avoid paying for damages from Hurricane Sandy in 2012. Wright, which provides coverage …

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New Jersey Sen. Menendez Presses for Sandy Flood Insurance Probe http://www.insurancejournal.com/news/east/2014/11/17/347274.htm Mon, 17 Nov 2014 18:17:27 +0000 http://www.insurancejournal.com/?p=347274 The Federal Emergency Management Agency should investigate allegations that insurance companies handling Superstorm Sandy flood damage claims are manipulating them to shortchange victims, U.S. Sen. Robert Menendez said on Nov. 14. At a press conference in his Newark office, Menendez …

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N.J. Commissioner: 99.4% of Non-Flood Sandy Claims Settled http://www.insurancejournal.com/news/east/2014/10/08/343062.htm Wed, 08 Oct 2014 19:05:37 +0000 http://www.insurancejournal.com/?p=343062 New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski said that among the 470,281 non-flood, Superstorm Sandy-related homeowners, automobile and commercial claims that were filed in New Jersey, 99.4 percent have now been settled, representing $4.3 billion in payments …

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N.J. Sen. Menendez Urges FEMA to Reform NFIP’s Claims Process http://www.insurancejournal.com/news/east/2014/09/12/340404.htm Fri, 12 Sep 2014 21:18:30 +0000 http://www.insurancejournal.com/?p=340404 Following up on issues that were raised at the July 30 hearing on post-Sandy flood insurance claims, U.S. Sen. Robert Menendez (D-N.J.) sent a letter on Wednesday, Sept. 10, to Federal Emergency Management Agency’s (FEMA) Administrator Craig Fugate, urging him …

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Florida’s Flood Agency Stops Writing New Business in Tampa Bay Region http://www.insurancejournal.com/news/southeast/2014/08/25/338470.htm Mon, 25 Aug 2014 15:24:45 +0000 http://www.insurancejournal.com/?p=338470 One of the first entities to step forward and provide private flood insurance in Florida has announced it will stop writing new business in the Tampa Bay region in order to manage its exposure. The Flood Agency, which offers private …

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FEMA Administrator Questioned Over Sandy Flood Claims http://www.insurancejournal.com/news/east/2014/08/01/336568.htm Fri, 01 Aug 2014 17:26:40 +0000 http://www.insurancejournal.com/?p=336568 The head of the Federal Emergency Management Agency has asked an independent watchdog to examine whether the flood-insurance program is shortchanging Superstorm Sandy victims. Administrator Craig Fugate testified before a subcommittee chaired by Sen. Robert Menendez (D-N.J.) on Wednesday. The …

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Senate Committee Holds Hearing on Flood Claims Process After Sandy http://www.insurancejournal.com/news/east/2014/07/30/336159.htm Wed, 30 Jul 2014 16:59:28 +0000 http://www.insurancejournal.com/?p=336159 A U.S. Senate committee today conducted a hearing titled “The Flood Insurance Claims Process in Communities After Sandy: Lessons Learned and Potential Improvements,” where lawmakers had a chance to listen to the insurance industry’s lessons learned from Superstorm Sandy and …

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With Premium Refunds in Process, Washington Criticism of Flood Insurance Ebbs http://www.insurancejournal.com/news/national/2014/07/28/335810.htm Mon, 28 Jul 2014 09:15:47 +0000 http://www.insurancejournal.com/?p=335810 Insurance agent, insurance carrier and real estate lobbyists praised federal regulators in charge of the National Flood Insurance Program (NFIP) last week on Capitol Hill, agreeing that the process of issuing flood insurance premium refunds and restoring premium subsidies is …

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Mass. Gov. OKs Bill Tying Required Flood Coverage Amount to Mortgage Balance http://www.insurancejournal.com/news/east/2014/07/24/335705.htm Thu, 24 Jul 2014 15:45:18 +0000 http://www.insurancejournal.com/?p=335705 Massachusetts Gov. Deval Patrick on Wednesday signed into law legislation that prohibits creditors from requiring residential property owners to buy flood insurance in an amount that exceeds the balance of their mortgage or the value of a home equity line …

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Mass. Senate OKs Bill Tying Required Flood Coverage Amount to Mortgage Balance http://www.insurancejournal.com/news/east/2014/06/30/333299.htm Mon, 30 Jun 2014 16:59:07 +0000 http://www.insurancejournal.com/?p=333299 The Massachusetts state Senate on June 26 passed legislation filed by the state’s attorney general, Martha Coakley, and state House Speaker Robert DeLeo aimed at softening the impact of flood insurance rate increases. The bill, H 3783 (“An Act Relative …

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Philadelphia Launches Commercial Excess Flood Coverage http://www.insurancejournal.com/news/national/2014/06/26/333052.htm Thu, 26 Jun 2014 16:49:16 +0000 http://www.insurancejournal.com/?p=333052 Philadelphia Insurance Cos. (PHLY) is now offering commercial excess flood coverage to complement its commercial primary flood product. PHLY’s new excess coverage competitively priced and available at limits higher than the National Flood Insurance Program (NFIP) for businesses. Through PHLY’s …

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Connecticut Residents Feeling Financial Strain as Flood Insurance Cost Rises http://www.insurancejournal.com/news/east/2014/05/15/329341.htm Thu, 15 May 2014 15:55:42 +0000 http://www.insurancejournal.com/?p=329341 People living on Porter Avenue in Middlebury, Conn., face a threat that could put their homes underwater — but it’s not coming from nearby Long Swamp Brook. The rising cost of flood insurance is putting a financial strain on local …

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FEMA Extends ‘Proof of Loss’ Deadline for Sandy Flood Insurance Claims http://www.insurancejournal.com/news/east/2014/04/29/327643.htm Tue, 29 Apr 2014 22:11:42 +0000 http://www.insurancejournal.com/?p=327643 The Federal Emergency Management Agency (FEMA) issued a bulletin Monday announcing that it will grant an additional extension to Superstorm Sandy victims for the “proof of loss” filing deadline for their flood insurance claims. Under the National Flood Insurance Program …

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N.J. Gov. Asks FEMA to Give Sandy Victims More Time to File Flood Claims http://www.insurancejournal.com/news/east/2014/04/09/325870.htm Wed, 09 Apr 2014 15:49:56 +0000 http://www.insurancejournal.com/?p=325870 New Jersey Gov. Chris Christie’s administration is urging the Federal Emergency Management Agency (FEMA) to give the state’s residents and businesses who suffered flood damages from Superstorm Sandy an additional six-month extension to file a complete flood insurance claim, or …

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