Water, water everywhere...or at least, that's what it's felt like in New York State for the last month or so. Hurricane/Tropical Storm Irene put a hurt on New York City, Long Island, the Hudson Valley and the area around Schoharie, New York. Not to be outdone, Tropical Storm Lee dumped excessive rainfuall on the Southern Tier, leaving parts of Binghamton and the rural counties around it flooded. Unfortunately, a lot of businesses in these areas have found out that their insurance policies will not reimburse them for flood damage.
This episode of the Ask Tim podcast looks at the water exclusion in the ISO Causes of Loss — Special Form, the coverage that the National Flood Insurance Program's General Property Policy provides, some potential remaining coverage gaps, and an option for clients who need to close the gaps.
If you need help from IIABNY because of the flooding, email or call 1-800-851-8853 extension 212.
Web sites I mention in the show:
- FloodSmart.gov, the official site of the NFIP
- Federal Emergency Management Agency: NFIP Information for Insurance Professionals
Tropical Storm Lee dumped excessive rainfuall on the Southern Tier,
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A one, two, three or four family dwelling is being built as a residence for an "insured";
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