Private flood insurance definition

Private flood insurance means an insurance policy that:
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Private flood insurance means personal lines or commercial flood insurance policies or endorsements providing coverage for the peril of flood issued directly by insurers.
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Private flood insurance means a personal lines policy
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Examples of Private flood insurance in a sentence

  • Private flood insurance and reasonable protections do, and should continue to, work hand-in-hand.

  • Private flood insurance may also be available on a limited basis.

  • Private flood insurance policy deductibles are rarely comparable to SFIP deductibles, in part because private flood insurance policies may have higher coverage amounts than NFIP policy maximums.

  • Private flood insurance policies, especially non-residential policies, are typically long, complex, and highly technical contracts.

  • Private flood insurance policies, particularly multi-peril policies, contain numerous exclusions and conditions, many of which are complex and do not readily compare to any counterpart within an SFIP.

  • Private flood insurance policies must be issued on a replacement cost basis and must provide coverage and terms at least as broad as or better than the coverage and terms provided under a standard flood insurance policy issued under the NFIP.

  • Private flood insurance market is getting bigger, more competitive, less profitable, https://www.insurancejournal.com/blogs/right-street/2018/03/18/483689.htm.

  • Private flood insurance may be supported by state guaranty funds that provide a safety net up to a certain amount.

  • Private flood insurance may be available in your area and it may be more affordable than National Flood Insurance.

  • Private flood insurance is growing more robust, bringing new and relevant options that were never available before, such as coverage for additional living expenses, enhanced basement coverage and increased limits for various risk classes.


More Definitions of Private flood insurance

Private flood insurance means personal lines or commercial flood insurance policies
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Private flood insurance means an insurance policy that: (i) Is issued by an insurance company that is: (A) Licensed, admitted, or otherwise approved to engage in the business of insurance by the insurance regulator of the State or jurisdiction in which the property to be insured is located; or (B) Recognized, or not disapproved, as a surplus lines insurer by the insur- ance regulator of the State or jurisdic- tion in which the property to be in- sured is located in the case of a policy of difference in conditions, multiple peril, all risk, or other blanket cov- erage insuring nonresidential commer- cial property; (ii) Provides flood insurance coverage that is at least as broad as the cov- erage provided under an SFIP for the same type of property, including when considering deductibles, exclusions, and conditions offered by the insurer. To be at least as broad as the coverage provided under an SFIP, the policy must, at a minimum: (A) Define the term ‘‘flood’’ to in- clude the events defined as a ‘‘flood’’ in an SFIP; (B) Contain the coverage specified in an SFIP, including that relating to building property coverage; personal property coverage, if purchased by the insured mortgagor(s); other coverages; and increased cost of compliance cov- erage; (C) Contain deductibles no higher than the specified maximum, and in- clude similar non-applicability provi- sions, as under an SFIP, for any total policy coverage amount up to the max- imum available under the NFIP at the time the policy is provided to the lend- er; (D) Provide coverage for direct phys- ical loss caused by a flood and may only exclude other causes of loss that are excluded in an SFIP. Any exclu- sions other than those in an SFIP may pertain only to coverage that is in ad- dition to the amount and type of cov- erage that could be provided by an SFIP or have the effect of providing broader coverage to the policyholder; and (E) Not contain conditions that nar- row the coverage provided in an SFIP; (iii) Includes all of the following: (A) A requirement for the insurer to give written notice 45 days before can- cellation or non-renewal of flood insur- ance coverage to: (1) The insured; and (2) The member bank that made the designated loan secured by the prop- erty covered by the flood insurance, or the servicer acting on its behalf; (B) Information about the avail- ability of flood insurance coverage under the NFIP; (C) A mortgage interest clause simi- lar to the clause contained in an SFIP; and (D) A provision requiring an ...
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Private flood insurance means aninsurance policy that:
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Private flood insurance means an insurance policy that: (1) Is issued by an insurance company that . . . (B) In the case of a policy of flood insurance, difference in conditions, multiple peril, all risk, or other blanket coverage insuring residential or nonresidential commercial policy, is recognized, or not disapproved, as a surplus lines insurer by the insurance regulator of the State where the property to be insured is located. ” 2. Scope of Insurance Coverage. The standard flood insurance policy (“SFIP”) has not been developed within the commercial insurance marketplace, so the terms and coverage inherent to the policy are not consistent with the terms and coverage included in ISO forms used in the commercial insurance marketplace. The regulation should recognize the validity of terms otherwise deemed acceptable in commercial property policies. Subsection (i)(2) should be changed to read as follows:
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Related to Private flood insurance

  • Flood Insurance means the insurance coverage provided under the National Flood Insurance Program.

  • Federal Flood Insurance means federally backed Flood Insurance available under the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program.

  • Flood Insurance Regulations means (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (c) the National Flood Insurance Reform Act of 1994 (amending 42 USC § 4001, et seq.), as the same may be amended or recodified from time to time, and (d) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder.

  • National Flood Insurance Program means the program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a Federal insurance program.

  • Flood Insurance Laws means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

  • Flood Insurance Study means the official report provided by the Federal Insurance Administration that includes flood profiles, the Flood Insurance Rate Map, the Flood Boundary and Floodway Map, and the water surface elevation of the base flood.

  • Flood Insurance Rate Map means the most recent flood hazard map published by the Federal Emergency Management Agency under the National Flood Insurance Act of 1968 (42 U.S.C. Section 4001 et seq.).

  • Flood Insurance Rate Map (FIRM means the official map on which the Federal Insurance Administration has delineated both the areas of special flood hazards and the risk premium zones applicable to the community.

  • Flood Insurance Study (FIS means an examination, evaluation, and determination of flood hazards, corresponding water surface elevations (if appropriate), flood hazard risk zones, and other flood data in a community issued by the FEMA. The Flood Insurance Study report includes Flood Insurance Rate Maps (FIRMs) and Flood Boundary and Floodway Maps (FBFMs), if published.

  • Flood fringe means the portion of the floodplain outside the floodway that is usually covered with water from the 100-year flood or storm event. This includes, but is not limited to, the flood or floodway fringe designated by the Federal Emergency Management Agency.

  • Special Flood Hazard Area means an area that FEMA’s current flood maps indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year.

  • Tidal Flood Hazard Area means a flood hazard area in which the flood elevation resulting from the two-, 10-, or 100-year storm, as applicable, is governed by tidal flooding from the Atlantic Ocean. Flooding in a tidal flood hazard area may be contributed to, or influenced by, stormwater runoff from inland areas, but the depth of flooding generated by the tidal rise and fall of the Atlantic Ocean is greater than flooding from any fluvial sources. In some situations, depending upon the extent of the storm surge from a particular storm event, a flood hazard area may be tidal in the 100-year storm, but fluvial in more frequent storm events.

  • Special Flood Hazard Area (SFHA means the land in the floodplain subject to a one percent (1%) or greater chance of being flooded in any given year, as determined in Article 3, Section B of this ordinance.

  • Regulatory Flood Protection Elevation means the “Base Flood Elevation” plus the “Freeboard”. In “Special Flood Hazard Areas” where Base Flood Elevations (BFEs) have been determined, this elevation shall be the BFE plus two (2) feet of freeboard. In “Special Flood Hazard Areas” where no BFE has been established, this elevation shall be at least two (2) feet above the highest adjacent grade.

  • Flood Protection System means those physical structural works for which funds have been authorized, appropriated, and expended and which have been constructed specifically to modify flooding in order to reduce the extent of the area within a community subject to a "special flood hazard" and the extent of the depths of associated flooding. Such a system typically includes hurricane tidal barriers, dams, reservoirs, levees or dikes. These specialized flood modifying works are those constructed in conformance with sound engineering standards.

  • Flood Program means the National Flood Insurance Program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in each case as amended from time to time, and any successor statutes.

  • Environmental Policy means to conserve energy, water, wood, paper and other resources, reduce waste and phase out the use of ozone depleting substances and minimise the release of greenhouse gases, volatile organic compounds and other substances damaging to health and the environment, including any written environmental policy of the Customer;

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Flood plain means land that:

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Area of special flood hazard means the land in the floodplain within a community subject to a one percent or greater chance of flooding in any given year.

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

  • Flood hazard area means any area subject to inundation by the base flood or risk from channel migration including, but not limited to, an aquatic area, wetland, or closed depression.

  • FHA Insurance means the Federal mortgage insurance authorized pursuant to Section 220, 221(d)(3), 221 (d)(4) or 223(f) of Title II of the National Housing Act of 1934, as amended.

  • Floodplain or flood-prone area means any land area susceptible to being inundated by water from any source. See "Flood or flooding."

  • Health Insurance Portability and Accountability Act means the Health Insurance Portability and Accountability Act of 1996, Pub. L. No. 104-191, 110 Stat. 1936, as amended.