Description
This interactive insurance training session is designed to build knowledge of the US Flood Insurance Market including why it is a separate requirement, how FEMA Flood Zones and mapping work, and the role of both NFIP & Private Flood Insurance. It includes an overview of traditional pricing and NFIP 2.0, flood modelling tools and difference between Primary & Excess flood.
What you will learn
Who should attend
This session is suitable for junior level brokers and underwriters, as a refresher for people with up to 2 years’ experience and anyone within other departments looking to build knowledge.
Course Content
- US Flood Insurance - Overview:
- Flood Insurance as a separate Coverage
- Creation of National Flood Insurance Program (NFIP)
- Role of FEMA
- Alternative types of Flood Insurance:
- Development of Private Flood Market
- Understand DIC Policies and how they work.
- Overview of Lender Placed Flood
- Flood Insurance Placements:
- Understand Primary Flood limits
- Role of Excess Flood
- How to use First Loss in Flood underwriting
- Flood Zones & Mapping:
- Key FEMA Flood Zones
- Special Flood Hazard Areas (SFHA) insurance requirements
- Role of X Zones on Flood Insurance
- Advantages & disadvantages of flood zones.
- Underwriting Factors:
- Different types of foundations and flood implications
- Underwriting factors relating to occupancy & construction
- Location, Location – understand additional factors
- Flood mitigation factors
- Understand what is included & excluded.
- NFIP 2.0 & Underwriting Tools:
- Overview of Rating 2.0
- New Flood Tools
- Implication of Flood modelling tools on pricing
- Impact on deductibles, limits and restrictions
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