If you're an underwriter, specifically in the flood insurance market, you know the National Flood Insurance Program (NFIP) is strained and in debt. This debt should come as no surprise considering flooding is one of the most common and destructive natural disasters in the United States. This budgetary turmoil has opened the door to private market flood insurance, much like the competitive coverage offered by DUAL's expert team.

With improved technology, sophisticated risk mapping and other advances, the Private Flood Market is seeing increased growth and interest. Our Primary Flood program has a combined limit of $5M for building and contents coverage. We also offer replacement cost adjustment, business interruption, and loss of rents. 

The NFIP has enacted legislation very recently in an attempt to improve its stability. We want to make you aware that effective July 1st, 2019, there has been a Lender Compliance amendment with regards to Private Primary Flood Coverage. 

The Interagency final rule on private flood insurance was issued on January 25th, 2019. The law implements the Biggert-Waters Act requirement that regulated lending institutions to accept private flood policies that satisfy criteria specified in the B-W Act. 

The rule also allows institutions to rely on an insurer's written assurances in a Private Flood policy stating the criteria is met. DUAL is compliant with this change by the addition of, "This policy meets the definition of private flood insurance contained in 42 U.S.C 4012 a(b)(7) and the corresponding regulations" on its private flood policy declaration pages.

In addition to this change, we will be releasing online excess only flood capability very soon. Email our flood team if you want updates about our excess capabilities. This enhancement will allow our appointed wholesale partners to easily and efficiently quote up to $45 million standalone excess coverage in our intuitive online flood portal.

It's undoubtedly an exciting and turbulent time in flood insurance; and here at DUAL, we're committed to providing you with the best service and information throughout the changes.

Do you have a flood submission on your desk that you're not sure where to place? Would you like to see how we've helped risks just like yours? Tap the image below to download our Flood Success Stories eBook for an overview of our recent wins.