Introduction to US Flood Insurance

Course Introduction

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.

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 restriction