One of the most controversial program overhauls ever in the National Flood Insurance Program (NFIP) is the “Biggert-Waters Reform Act of 2012.” In this special countrywide webinar, flood insurance expert David Thompson will be addressing these monumental changes AND discussing a number of other issues of critical importance to agents across the nation.
The first hour of this webinar focuses on key “BW-12” topics such as:
- The elimination of short-term reauthorizations
- The phasing out of subsidized rates
- Changes to grandfathering provisions
- Non-primary dwelling rate increases
- Escrow payment requirements, and more
- Key definitions such as Pre-FIRM, Post-FIRM, and Primary Dwelling with regard to any coverage and/or rating changes
Included in the discussion will be historical, recent, and upcoming changes effective July 6, 2012, January 1, 2013, October 1, 2013, and 2014.
The second hour will address, based on David’s many years of experience in dealing with agents and consumers following hurricane flooding, the Top 10 Facts, Fictions, Myths, and Misconceptions about flood insurance and the NFIP, including:
- The proverbial “30-day wait” (including the impact of BW12)
- RCBAP vs. commercial property policy
- RCBAP lender issues (requests for unit owner mortgagee listing on the RCBAP, the 30-day wait, what the manual says, and more)
- Homeowner association issues
- Other structures coverage
- The 2 acres/2 premises rule
- The definition of “building”
- Basement issues
- ICC vs. ordinance or law coverage
- Top 10 “shortfall” list
If you write any flood insurance, every personal and commercial lines staff member in the agency involved in placing flood insurance needs to attend this important webinar in order to be able to respond to the likely voluminous questions from consumers that will invariably arise from this legislation and the continuing misinformation on this and other NFIP issues. Reserve your spot for the webinar on Sept. 5 at 2PM EST today on Big “I” Flood’s Webinar page.
Everyone is at risk of flooding. Is your agency ready to offer flood to all your property clients?
Big “I” Flood is ready to help with coverage in, above or outside of the NFIP. Visit the Big “I” Flood website for more information on Big “I” company partners and the association’s expertise, or call 800-221-7917 or email Big “I” Flood.
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.