Empathy List Archives

PS

Pence, Scott

Mon, Sep 16, 2013 4:21 PM

Folks,

Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article.

We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill.

Thanks,

[Carlton Fields]
Scott Pence
4221 W. Boy Scout Blvd., Ste. 1000
Tampa, Florida 33607-5780
Direct: 813.229.4322 | Fax: 813.229.4133

From: Wright, Wm. Cary
Sent: Wednesday, July 31, 2013 9:37 AM
To: Michael G. Meyer; Pence, Scott
Subject: FW: The Looming Disaster from National Flood Rates

From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com]
Sent: Wednesday, July 31, 2013 6:00 AM
To: Wright, Wm. Cary
Subject: The Looming Disaster from National Flood Rates

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The Looming Disaster Over Flood Insurance Premiums
Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion.
On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders.
But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage.
My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk.
How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit.
While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Programhttp://e2.ma/click/d4asl/p1stk/xnnqyc, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rateshttp://e2.ma/click/d4asl/p1stk/dgoqyc lays out the impact and unintended consequences this situation is already having on flood policy homeowners.
So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program.
This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375 http://e2.ma/click/d4asl/p1stk/t8oqyc
Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading.

[Florida Public Adjuster Insurance Claims]http://e2.ma/click/d4asl/p1stk/90pqyc

Dick Tutwiler
"When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home."

Tutwiler & Associateshttp://e2.ma/click/d4asl/p1stk/ptqqyc
Licensed Public Insurance Adjusters & Loss Consultants
Executive Office
5401 W. Kennedy Blvd., Ste. 757
Tampa, FL 33609

Florida License# A269833
Offices: Tampa, Hollywood, Palm City, Florida

info@publicadjuster.com mailto:info@publicadjuster.com • www.PublicAdjuster.com http://e2.ma/click/d4asl/p1stk/5lrqyc
Toll Free:800.321.4488 • Phone:813.287.8090

Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands

[http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_03.gif]

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Folks, Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article. We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill. Thanks, [Carlton Fields] Scott Pence 4221 W. Boy Scout Blvd., Ste. 1000 Tampa, Florida 33607-5780 Direct: 813.229.4322 | Fax: 813.229.4133 From: Wright, Wm. Cary Sent: Wednesday, July 31, 2013 9:37 AM To: Michael G. Meyer; Pence, Scott Subject: FW: The Looming Disaster from National Flood Rates From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com] Sent: Wednesday, July 31, 2013 6:00 AM To: Wright, Wm. Cary Subject: The Looming Disaster from National Flood Rates If you're having trouble viewing this email, you may see it online<http://e2.ma/message/d4asl/p1stk>. Share this: [http://app.e2ma.net/media/themes/default/img/socialnetworks/email.png] <http://e2.ma/share/outbound/e/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/twitter.png] <http://e2.ma/share/outbound/t/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/facebook.png] <http://e2.ma/share/outbound/f/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/linkedin.png] <http://e2.ma/share/outbound/l/d4asl/p1stk> [Tutwiler | PublicAdjuster.com | Putting Your Insurance to Work For You. | www.PublicAdjuster.com]<http://e2.ma/click/d4asl/p1stk/hvmqyc> The Looming Disaster Over Flood Insurance Premiums Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion. On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders. But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage. My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk. How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit. While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Program<http://e2.ma/click/d4asl/p1stk/xnnqyc>, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rates<http://e2.ma/click/d4asl/p1stk/dgoqyc> lays out the impact and unintended consequences this situation is already having on flood policy homeowners. So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program. This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375<http://e2.ma/click/d4asl/p1stk/t8oqyc> Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading. [Florida Public Adjuster Insurance Claims]<http://e2.ma/click/d4asl/p1stk/90pqyc> Dick Tutwiler "When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home." Tutwiler & Associates<http://e2.ma/click/d4asl/p1stk/ptqqyc> Licensed Public Insurance Adjusters & Loss Consultants Executive Office 5401 W. Kennedy Blvd., Ste. 757 Tampa, FL 33609 Florida License# A269833 Offices: Tampa, Hollywood, Palm City, Florida info@publicadjuster.com<mailto:info@publicadjuster.com> • www.PublicAdjuster.com<http://e2.ma/click/d4asl/p1stk/5lrqyc> Toll Free:800.321.4488 • Phone:813.287.8090 Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands [http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_03.gif] This email was sent to cwright@carltonfields.com. To ensure that you continue receiving our emails, please add us to your address book or safe list. manage<https://app.e2ma.net/app2/audience/signup/1350858/1350587/17706939/?v=a> your preferences | opt out<http://e2.ma/optout/d4asl/p1stk?r=aHR0cHM6Ly9hcHAuZTJtYS5uZXQvYXBwMi9hdWRpZW5jZS9vcHRfb3V0LzEzNTA4NTgvMTM1MDU4Ny8xNzcwNjkzOS8_dj1h> using TrueRemove®. Got this as a forward? 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MB

Mark Boyle

Mon, Sep 16, 2013 4:50 PM

From a brief we wrote:

BUILDER’S CGLs cover “property damage” caused by an “occurrence,”
and defines “property damage,” in part, as “physical injury to tangible property.”
INSURER now argues that BUILDER’S claims do not constitute “property
damage,” contending that damage to the homes themselves cannot constitute
“property damage.” That contention, however, does not comport with the
definition of “property damage” in the policy. More specifically, the definition of
“property damage” in this case does not state “physical injury to tangible property
of others” or “physical injury to tangible property of third parties,” or “physical
injury to work not performed by the insured or its subcontractors.” Carriers
can, and have, included such definitions of property damage in their policy. See
Adair Group v. St. Paul Fire & Marine, 2005 U.S. Dist. LEXIS 32102 (D. Colo.
2005) (no coverage where “property damage” was defined as damage to property
of others) and Nabholz Constr. Corp. v. St. Paul Fire & Marine, 354 F. Supp. 2d
917 (E.D. Ark. 2005) (same). Rather, by its explicit terms, the “property damage”
definition only requires that there be physical injury to tangible property.

Mark A. Boyle, Sr., Esq.
Boyle, Gentile,
Leonard & Crockett, P.A.
ATTORNEYS AT LAW

2050 McGregor Boulevard
Fort Myers, FL 33901
• (239) 337-1303 Phone
• (239) 337-7674 fax
• mboyle@boylegentilelaw.com mailto:ecombs@FBGLAWFIRM.COM

This electronic message transmission contains information from this law firm which may be confidential or privileged and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late, incomplete or may contain viruses. Be advised that e-mail is not secure so the sender advises you that you should not send personal or confidential information, which you may wish to protect, in any reply. The sender therefore does not accept liability for any errors or omissions in the contents of this message, which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. IRS Circular 230 Disclosure. To the extent this e-mail contains federal tax advice, such advice was not intended to be used, and cannot be used by any taxpayer, for the purpose of: 1) avoiding penalties under the Internal Revenue Code or 2) promoting, marketing, or recommending to another party any transaction or matter addressed herein. If you would like us to prepare written tax advice designed to provide penalty protection, please contact us and we will be happy to discuss this matter with you in more detail.

From: liability_insurance-bounces@lists.flabarrpptl.org [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of Pence, Scott
Sent: Monday, September 16, 2013 12:22 PM
To: liability_insurance@lists.flabarrpptl.org
Subject: [Liability Insurance] FW: The Looming Disaster from National Flood Rates

Folks,

Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article.

We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill.

Thanks,

[cid:image001.png@01CEB2DB.440E68A0]
Scott Pence
4221 W. Boy Scout Blvd., Ste. 1000
Tampa, Florida 33607-5780
Direct: 813.229.4322 | Fax: 813.229.4133

From: Wright, Wm. Cary
Sent: Wednesday, July 31, 2013 9:37 AM
To: Michael G. Meyer; Pence, Scott
Subject: FW: The Looming Disaster from National Flood Rates

From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com]
Sent: Wednesday, July 31, 2013 6:00 AM
To: Wright, Wm. Cary
Subject: The Looming Disaster from National Flood Rates

If you're having trouble viewing this email, you may see it onlinehttp://e2.ma/message/d4asl/p1stk.

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[http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_01.gif]http://e2.ma/click/d4asl/p1stk/hvmqyc

The Looming Disaster Over Flood Insurance Premiums
Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion.
On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders.
But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage.
My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk.
How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit.
While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Programhttp://e2.ma/click/d4asl/p1stk/xnnqyc, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rateshttp://e2.ma/click/d4asl/p1stk/dgoqyc lays out the impact and unintended consequences this situation is already having on flood policy homeowners.
So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program.
This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375 http://e2.ma/click/d4asl/p1stk/t8oqyc
Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading.

[http://d31hzlhk6di2h5.cloudfront.net/20130730/e1/ba/fc/21/207c0b8a3c1537df38a27ece_174x219.jpg]http://e2.ma/click/d4asl/p1stk/90pqyc

Dick Tutwiler
"When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home."

Tutwiler & Associateshttp://e2.ma/click/d4asl/p1stk/ptqqyc
Licensed Public Insurance Adjusters & Loss Consultants
Executive Office
5401 W. Kennedy Blvd., Ste. 757
Tampa, FL 33609

Florida License# A269833
Offices: Tampa, Hollywood, Palm City, Florida

info@publicadjuster.com mailto:info@publicadjuster.com • www.PublicAdjuster.com http://e2.ma/click/d4asl/p1stk/5lrqyc
Toll Free:800.321.4488 • Phone:813.287.8090

Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands

[http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_03.gif]

This email was sent to cwright@carltonfields.com mailto:cwright@carltonfields.com. To ensure that you continue receiving our emails, please add us to your address book or safe list.

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From a brief we wrote: BUILDER’S CGLs cover “property damage” caused by an “occurrence,” and defines “property damage,” in part, as “physical injury to tangible property.” INSURER now argues that BUILDER’S claims do not constitute “property damage,” contending that damage to the homes themselves cannot constitute “property damage.” That contention, however, does not comport with the definition of “property damage” in the policy. More specifically, the definition of “property damage” in this case does not state “physical injury to tangible property of others” or “physical injury to tangible property of third parties,” or “physical injury to work not performed by the insured or its subcontractors.” Carriers can, and have, included such definitions of property damage in their policy. See Adair Group v. St. Paul Fire & Marine, 2005 U.S. Dist. LEXIS 32102 (D. Colo. 2005) (no coverage where “property damage” was defined as damage to property of others) and Nabholz Constr. Corp. v. St. Paul Fire & Marine, 354 F. Supp. 2d 917 (E.D. Ark. 2005) (same). Rather, by its explicit terms, the “property damage” definition only requires that there be physical injury to tangible property. Mark A. Boyle, Sr., Esq. Boyle, Gentile, Leonard & Crockett, P.A. ATTORNEYS AT LAW 2050 McGregor Boulevard Fort Myers, FL 33901 • (239) 337-1303 Phone • (239) 337-7674 fax • mboyle@boylegentilelaw.com<mailto:ecombs@FBGLAWFIRM.COM> This electronic message transmission contains information from this law firm which may be confidential or privileged and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late, incomplete or may contain viruses. Be advised that e-mail is not secure so the sender advises you that you should not send personal or confidential information, which you may wish to protect, in any reply. The sender therefore does not accept liability for any errors or omissions in the contents of this message, which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. IRS Circular 230 Disclosure. To the extent this e-mail contains federal tax advice, such advice was not intended to be used, and cannot be used by any taxpayer, for the purpose of: 1) avoiding penalties under the Internal Revenue Code or 2) promoting, marketing, or recommending to another party any transaction or matter addressed herein. If you would like us to prepare written tax advice designed to provide penalty protection, please contact us and we will be happy to discuss this matter with you in more detail. From: liability_insurance-bounces@lists.flabarrpptl.org [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of Pence, Scott Sent: Monday, September 16, 2013 12:22 PM To: liability_insurance@lists.flabarrpptl.org Subject: [Liability Insurance] FW: The Looming Disaster from National Flood Rates Folks, Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article. We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill. Thanks, [cid:image001.png@01CEB2DB.440E68A0] Scott Pence 4221 W. Boy Scout Blvd., Ste. 1000 Tampa, Florida 33607-5780 Direct: 813.229.4322 | Fax: 813.229.4133 From: Wright, Wm. Cary Sent: Wednesday, July 31, 2013 9:37 AM To: Michael G. Meyer; Pence, Scott Subject: FW: The Looming Disaster from National Flood Rates From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com] Sent: Wednesday, July 31, 2013 6:00 AM To: Wright, Wm. Cary Subject: The Looming Disaster from National Flood Rates If you're having trouble viewing this email, you may see it online<http://e2.ma/message/d4asl/p1stk>. Share this: [http://app.e2ma.net/media/themes/default/img/socialnetworks/email.png] <http://e2.ma/share/outbound/e/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/twitter.png] <http://e2.ma/share/outbound/t/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/facebook.png] <http://e2.ma/share/outbound/f/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/linkedin.png] <http://e2.ma/share/outbound/l/d4asl/p1stk> [http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_01.gif]<http://e2.ma/click/d4asl/p1stk/hvmqyc> The Looming Disaster Over Flood Insurance Premiums Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion. On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders. But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage. My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk. How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit. While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Program<http://e2.ma/click/d4asl/p1stk/xnnqyc>, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rates<http://e2.ma/click/d4asl/p1stk/dgoqyc> lays out the impact and unintended consequences this situation is already having on flood policy homeowners. So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program. This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375<http://e2.ma/click/d4asl/p1stk/t8oqyc> Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading. [http://d31hzlhk6di2h5.cloudfront.net/20130730/e1/ba/fc/21/207c0b8a3c1537df38a27ece_174x219.jpg]<http://e2.ma/click/d4asl/p1stk/90pqyc> Dick Tutwiler "When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home." Tutwiler & Associates<http://e2.ma/click/d4asl/p1stk/ptqqyc> Licensed Public Insurance Adjusters & Loss Consultants Executive Office 5401 W. Kennedy Blvd., Ste. 757 Tampa, FL 33609 Florida License# A269833 Offices: Tampa, Hollywood, Palm City, Florida info@publicadjuster.com<mailto:info@publicadjuster.com> • www.PublicAdjuster.com<http://e2.ma/click/d4asl/p1stk/5lrqyc> Toll Free:800.321.4488 • Phone:813.287.8090 Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands [http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_03.gif] This email was sent to cwright@carltonfields.com<mailto:cwright@carltonfields.com>. To ensure that you continue receiving our emails, please add us to your address book or safe list. manage<https://app.e2ma.net/app2/audience/signup/1350858/1350587/17706939/?v=a> your preferences | opt out<http://e2.ma/optout/d4asl/p1stk?r=aHR0cHM6Ly9hcHAuZTJtYS5uZXQvYXBwMi9hdWRpZW5jZS9vcHRfb3V0LzEzNTA4NTgvMTM1MDU4Ny8xNzcwNjkzOS8_dj1h> using TrueRemove®. Got this as a forward? Sign up<https://app.e2ma.net/app2/audience/signup/1350858/1350587.19316667/?v=a> to receive our future emails. [http://e2ma.net/userdata/24/images/templates/poweredby_regular.png]<http://e2.ma/click/d4asl/p1stk/lesqyc>

FD

fred.dudley (at) hklaw.com

Thu, Sep 19, 2013 1:27 PM

I agree, but as you know "public adjustors" and the insurance companies frequently disagree (to put it very mildly), as a result of which I would suggest a "balanced" panel approach to any such CLE program.

Frederick Dudley | Holland & Knight
Board Certified Construction Lawyer
315 South Calhoun Street, Suite 600 | Tallahassee FL 32301
Phone 850.425.5668 | Fax 850.224.8832 | Cell 850.294.3471
fred.dudley@hklaw.com mailto:fred.dudley@hklaw.com | www.hklaw.com http://www.hklaw.com/

Add to address bookhttp://www.hklaw.com/vcard.aspx?user=frdudley | View professional biographyhttp://www.hklaw.com/id77/biosfrdudley
From: liability_insurance-bounces@lists.flabarrpptl.org [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of Pence, Scott
Sent: Monday, September 16, 2013 12:22 PM
To: liability_insurance@lists.flabarrpptl.org
Subject: [Liability Insurance] FW: The Looming Disaster from National Flood Rates

Folks,

Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article.

We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill.

Thanks,

[Carlton Fields]
Scott Pence
4221 W. Boy Scout Blvd., Ste. 1000
Tampa, Florida 33607-5780
Direct: 813.229.4322 | Fax: 813.229.4133

From: Wright, Wm. Cary
Sent: Wednesday, July 31, 2013 9:37 AM
To: Michael G. Meyer; Pence, Scott
Subject: FW: The Looming Disaster from National Flood Rates

From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com]
Sent: Wednesday, July 31, 2013 6:00 AM
To: Wright, Wm. Cary
Subject: The Looming Disaster from National Flood Rates

If you're having trouble viewing this email, you may see it onlinehttp://e2.ma/message/d4asl/p1stk.

Share this: [http://app.e2ma.net/media/themes/default/img/socialnetworks/email.png] http://e2.ma/share/outbound/e/d4asl/p1stk [http://app.e2ma.net/media/themes/default/img/socialnetworks/twitter.png] http://e2.ma/share/outbound/t/d4asl/p1stk [http://app.e2ma.net/media/themes/default/img/socialnetworks/facebook.png] http://e2.ma/share/outbound/f/d4asl/p1stk [http://app.e2ma.net/media/themes/default/img/socialnetworks/linkedin.png] http://e2.ma/share/outbound/l/d4asl/p1stk

[Tutwiler | PublicAdjuster.com | Putting Your Insurance to Work For You. | www.PublicAdjuster.com]http://e2.ma/click/d4asl/p1stk/hvmqyc

The Looming Disaster Over Flood Insurance Premiums
Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion.
On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders.
But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage.
My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk.
How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit.
While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Programhttp://e2.ma/click/d4asl/p1stk/xnnqyc, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rateshttp://e2.ma/click/d4asl/p1stk/dgoqyc lays out the impact and unintended consequences this situation is already having on flood policy homeowners.
So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program.
This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375 http://e2.ma/click/d4asl/p1stk/t8oqyc
Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading.

[Florida Public Adjuster Insurance Claims]http://e2.ma/click/d4asl/p1stk/90pqyc

Dick Tutwiler
"When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home."

Tutwiler & Associateshttp://e2.ma/click/d4asl/p1stk/ptqqyc
Licensed Public Insurance Adjusters & Loss Consultants
Executive Office
5401 W. Kennedy Blvd., Ste. 757
Tampa, FL 33609

Florida License# A269833
Offices: Tampa, Hollywood, Palm City, Florida

info@publicadjuster.com mailto:info@publicadjuster.com • www.PublicAdjuster.com http://e2.ma/click/d4asl/p1stk/5lrqyc
Toll Free:800.321.4488 • Phone:813.287.8090

Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands

[http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_03.gif]

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IRS CIRCULAR 230 DISCLOSURE: TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE IRS, WE INFORM YOU THAT ANY TAX ADVICE CONTAINED IN THIS COMMUNICATION (INCLUDING ANY ATTACHMENTS) IS NOT INTENDED OR WRITTEN BY HOLLAND & KNIGHT LLP TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF (I) AVOIDING TAX-RELATED PENALTIES UNDER THE INTERNAL REVENUE CODE, OR (II) PROMOTING, MARKETING, OR RECOMMENDING TO ANOTHER PARTY ANY TAX-RELATED MATTER HEREIN.

NOTE: This e-mail is from a law firm, Holland & Knight LLP (“H&K”), and is intended solely for the use of the individual(s) to whom it is addressed. If you believe you received this e-mail in error, please notify the sender immediately, delete the e-mail from your computer and do not copy or disclose it to anyone else. If you are not an existing client of H&K, do not construe anything in this e-mail to make you a client unless it contains a specific statement to that effect and do not disclose anything to H&K in reply that you expect it to hold in confidence. If you properly received this e-mail as a client, co-counsel or retained expert of H&K, you should maintain its contents in confidence in order to preserve the attorney-client or work product privilege that may be available to protect confidentiality.

I agree, but as you know "public adjustors" and the insurance companies frequently disagree (to put it very mildly), as a result of which I would suggest a "balanced" panel approach to any such CLE program. Frederick Dudley | Holland & Knight Board Certified Construction Lawyer 315 South Calhoun Street, Suite 600 | Tallahassee FL 32301 Phone 850.425.5668 | Fax 850.224.8832 | Cell 850.294.3471 fred.dudley@hklaw.com<mailto:fred.dudley@hklaw.com> | www.hklaw.com<http://www.hklaw.com/> ________________________________________________ Add to address book<http://www.hklaw.com/vcard.aspx?user=frdudley> | View professional biography<http://www.hklaw.com/id77/biosfrdudley> From: liability_insurance-bounces@lists.flabarrpptl.org [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of Pence, Scott Sent: Monday, September 16, 2013 12:22 PM To: liability_insurance@lists.flabarrpptl.org Subject: [Liability Insurance] FW: The Looming Disaster from National Flood Rates Folks, Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article. We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill. Thanks, [Carlton Fields] Scott Pence 4221 W. Boy Scout Blvd., Ste. 1000 Tampa, Florida 33607-5780 Direct: 813.229.4322 | Fax: 813.229.4133 From: Wright, Wm. Cary Sent: Wednesday, July 31, 2013 9:37 AM To: Michael G. Meyer; Pence, Scott Subject: FW: The Looming Disaster from National Flood Rates From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com] Sent: Wednesday, July 31, 2013 6:00 AM To: Wright, Wm. Cary Subject: The Looming Disaster from National Flood Rates If you're having trouble viewing this email, you may see it online<http://e2.ma/message/d4asl/p1stk>. Share this: [http://app.e2ma.net/media/themes/default/img/socialnetworks/email.png] <http://e2.ma/share/outbound/e/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/twitter.png] <http://e2.ma/share/outbound/t/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/facebook.png] <http://e2.ma/share/outbound/f/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/linkedin.png] <http://e2.ma/share/outbound/l/d4asl/p1stk> [Tutwiler | PublicAdjuster.com | Putting Your Insurance to Work For You. | www.PublicAdjuster.com]<http://e2.ma/click/d4asl/p1stk/hvmqyc> The Looming Disaster Over Flood Insurance Premiums Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion. On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders. But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage. My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk. How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit. While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Program<http://e2.ma/click/d4asl/p1stk/xnnqyc>, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rates<http://e2.ma/click/d4asl/p1stk/dgoqyc> lays out the impact and unintended consequences this situation is already having on flood policy homeowners. So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program. This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375<http://e2.ma/click/d4asl/p1stk/t8oqyc> Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading. [Florida Public Adjuster Insurance Claims]<http://e2.ma/click/d4asl/p1stk/90pqyc> Dick Tutwiler "When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home." Tutwiler & Associates<http://e2.ma/click/d4asl/p1stk/ptqqyc> Licensed Public Insurance Adjusters & Loss Consultants Executive Office 5401 W. Kennedy Blvd., Ste. 757 Tampa, FL 33609 Florida License# A269833 Offices: Tampa, Hollywood, Palm City, Florida info@publicadjuster.com<mailto:info@publicadjuster.com> • www.PublicAdjuster.com<http://e2.ma/click/d4asl/p1stk/5lrqyc> Toll Free:800.321.4488 • Phone:813.287.8090 Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands [http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_03.gif] This email was sent to cwright@carltonfields.com<mailto:cwright@carltonfields.com>. To ensure that you continue receiving our emails, please add us to your address book or safe list. manage<https://app.e2ma.net/app2/audience/signup/1350858/1350587/17706939/?v=a> your preferences | opt out<http://e2.ma/optout/d4asl/p1stk?r=aHR0cHM6Ly9hcHAuZTJtYS5uZXQvYXBwMi9hdWRpZW5jZS9vcHRfb3V0LzEzNTA4NTgvMTM1MDU4Ny8xNzcwNjkzOS8_dj1h> using TrueRemove®. Got this as a forward? Sign up<https://app.e2ma.net/app2/audience/signup/1350858/1350587.19316667/?v=a> to receive our future emails. [powered by emma]<http://e2.ma/click/d4asl/p1stk/lesqyc> ________________________________ ****IRS CIRCULAR 230 DISCLOSURE: TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE IRS, WE INFORM YOU THAT ANY TAX ADVICE CONTAINED IN THIS COMMUNICATION (INCLUDING ANY ATTACHMENTS) IS NOT INTENDED OR WRITTEN BY HOLLAND & KNIGHT LLP TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF (I) AVOIDING TAX-RELATED PENALTIES UNDER THE INTERNAL REVENUE CODE, OR (II) PROMOTING, MARKETING, OR RECOMMENDING TO ANOTHER PARTY ANY TAX-RELATED MATTER HEREIN.**** ________________________________ NOTE: This e-mail is from a law firm, Holland & Knight LLP (“H&K”), and is intended solely for the use of the individual(s) to whom it is addressed. If you believe you received this e-mail in error, please notify the sender immediately, delete the e-mail from your computer and do not copy or disclose it to anyone else. If you are not an existing client of H&K, do not construe anything in this e-mail to make you a client unless it contains a specific statement to that effect and do not disclose anything to H&K in reply that you expect it to hold in confidence. If you properly received this e-mail as a client, co-counsel or retained expert of H&K, you should maintain its contents in confidence in order to preserve the attorney-client or work product privilege that may be available to protect confidentiality.

TG

Trey Goldman

Fri, Sep 20, 2013 10:08 PM

Certainly not an expert on this issue, but we are following closely as it unfolds and impacts NFIP policyholders and prospective policyholders (read: buyers). Can suggest the names of some folks who are conversant in BW12 intricacies.

Though ultimately Federal in nature, the issue will likely be discussed in next week’s House Insurance & Banking Subcommittee meeting (Tuesday, 9:00 – 11:00 a.m.). We’ve also been contacted by a very concerned Senator who represents Pinellas County – ground zero for flood insurance policies in Florida.

Trey Goldman

Legislative Counsel | FloridaRealtors®
200 South Monroe Street, Tallahassee, FL 32301
talk: 850.224.1400 x2505
direct: 850.521.3277
visit: http://www.floridarealtors.org
The Voice for Real Estate® in Florida

From: liability_insurance-bounces@lists.flabarrpptl.org [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of fred.dudley@hklaw.com
Sent: Thursday, September 19, 2013 9:28 AM
To: spence@carltonfields.com; liability_insurance@lists.flabarrpptl.org
Subject: Re: [Liability Insurance] FW: The Looming Disaster from National Flood Rates

I agree, but as you know "public adjustors" and the insurance companies frequently disagree (to put it very mildly), as a result of which I would suggest a "balanced" panel approach to any such CLE program.

Frederick Dudley | Holland & Knight
Board Certified Construction Lawyer
315 South Calhoun Street, Suite 600 | Tallahassee FL 32301
Phone 850.425.5668 | Fax 850.224.8832 | Cell 850.294.3471
fred.dudley@hklaw.com mailto:fred.dudley@hklaw.com | www.hklaw.com http://www.hklaw.com/

Add to address bookhttp://www.hklaw.com/vcard.aspx?user=frdudley | View professional biographyhttp://www.hklaw.com/id77/biosfrdudley
From: liability_insurance-bounces@lists.flabarrpptl.org mailto:liability_insurance-bounces@lists.flabarrpptl.org [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of Pence, Scott
Sent: Monday, September 16, 2013 12:22 PM
To: liability_insurance@lists.flabarrpptl.org mailto:liability_insurance@lists.flabarrpptl.org
Subject: [Liability Insurance] FW: The Looming Disaster from National Flood Rates

Folks,

Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article.

We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill.

Thanks,

[Carlton Fields]
Scott Pence
4221 W. Boy Scout Blvd., Ste. 1000
Tampa, Florida 33607-5780
Direct: 813.229.4322 | Fax: 813.229.4133

From: Wright, Wm. Cary
Sent: Wednesday, July 31, 2013 9:37 AM
To: Michael G. Meyer; Pence, Scott
Subject: FW: The Looming Disaster from National Flood Rates

From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com]
Sent: Wednesday, July 31, 2013 6:00 AM
To: Wright, Wm. Cary
Subject: The Looming Disaster from National Flood Rates

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The Looming Disaster Over Flood Insurance Premiums
Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion.
On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders.
But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage.
My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk.
How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit.
While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Programhttp://e2.ma/click/d4asl/p1stk/xnnqyc, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rateshttp://e2.ma/click/d4asl/p1stk/dgoqyc lays out the impact and unintended consequences this situation is already having on flood policy homeowners.
So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program.
This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375 http://e2.ma/click/d4asl/p1stk/t8oqyc
Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading.

[Florida Public Adjuster Insurance Claims]http://e2.ma/click/d4asl/p1stk/90pqyc

Dick Tutwiler
"When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home."

Tutwiler & Associateshttp://e2.ma/click/d4asl/p1stk/ptqqyc
Licensed Public Insurance Adjusters & Loss Consultants
Executive Office
5401 W. Kennedy Blvd., Ste. 757
Tampa, FL 33609

Florida License# A269833
Offices: Tampa, Hollywood, Palm City, Florida

info@publicadjuster.com mailto:info@publicadjuster.com • www.PublicAdjuster.com http://e2.ma/click/d4asl/p1stk/5lrqyc
Toll Free:800.321.4488 • Phone:813.287.8090

Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands

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IRS CIRCULAR 230 DISCLOSURE: TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE IRS, WE INFORM YOU THAT ANY TAX ADVICE CONTAINED IN THIS COMMUNICATION (INCLUDING ANY ATTACHMENTS) IS NOT INTENDED OR WRITTEN BY HOLLAND & KNIGHT LLP TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF (I) AVOIDING TAX-RELATED PENALTIES UNDER THE INTERNAL REVENUE CODE, OR (II) PROMOTING, MARKETING, OR RECOMMENDING TO ANOTHER PARTY ANY TAX-RELATED MATTER HEREIN.

NOTE: This e-mail is from a law firm, Holland & Knight LLP (“H&K”), and is intended solely for the use of the individual(s) to whom it is addressed. If you believe you received this e-mail in error, please notify the sender immediately, delete the e-mail from your computer and do not copy or disclose it to anyone else. If you are not an existing client of H&K, do not construe anything in this e-mail to make you a client unless it contains a specific statement to that effect and do not disclose anything to H&K in reply that you expect it to hold in confidence. If you properly received this e-mail as a client, co-counsel or retained expert of H&K, you should maintain its contents in confidence in order to preserve the attorney-client or work product privilege that may be available to protect confidentiality.

Certainly not an expert on this issue, but we are following closely as it unfolds and impacts NFIP policyholders and prospective policyholders (read: buyers). Can suggest the names of some folks who are conversant in BW12 intricacies. Though ultimately Federal in nature, the issue will likely be discussed in next week’s House Insurance & Banking Subcommittee meeting (Tuesday, 9:00 – 11:00 a.m.). We’ve also been contacted by a very concerned Senator who represents Pinellas County – ground zero for flood insurance policies in Florida. Trey Goldman Legislative Counsel | FloridaRealtors® 200 South Monroe Street, Tallahassee, FL 32301 talk: 850.224.1400 x2505 direct: 850.521.3277 visit: http://www.floridarealtors.org The Voice for Real Estate® in Florida From: liability_insurance-bounces@lists.flabarrpptl.org [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of fred.dudley@hklaw.com Sent: Thursday, September 19, 2013 9:28 AM To: spence@carltonfields.com; liability_insurance@lists.flabarrpptl.org Subject: Re: [Liability Insurance] FW: The Looming Disaster from National Flood Rates I agree, but as you know "public adjustors" and the insurance companies frequently disagree (to put it very mildly), as a result of which I would suggest a "balanced" panel approach to any such CLE program. Frederick Dudley | Holland & Knight Board Certified Construction Lawyer 315 South Calhoun Street, Suite 600 | Tallahassee FL 32301 Phone 850.425.5668 | Fax 850.224.8832 | Cell 850.294.3471 fred.dudley@hklaw.com<mailto:fred.dudley@hklaw.com> | www.hklaw.com<http://www.hklaw.com/> ________________________________________________ Add to address book<http://www.hklaw.com/vcard.aspx?user=frdudley> | View professional biography<http://www.hklaw.com/id77/biosfrdudley> From: liability_insurance-bounces@lists.flabarrpptl.org<mailto:liability_insurance-bounces@lists.flabarrpptl.org> [mailto:liability_insurance-bounces@lists.flabarrpptl.org] On Behalf Of Pence, Scott Sent: Monday, September 16, 2013 12:22 PM To: liability_insurance@lists.flabarrpptl.org<mailto:liability_insurance@lists.flabarrpptl.org> Subject: [Liability Insurance] FW: The Looming Disaster from National Flood Rates Folks, Per the discussion on our call today, please see the article below written by Dick Tutwiler and the two news articles embedded in his article. We would like to put together a CLE on this topic to be presented at the Executive Council meeting in Sarasota in November. Please let me know if you have any thoughts or comments relating to the Bill and/or if you or anyone you know has experienced any issues related to the Bill. Thanks, [Carlton Fields] Scott Pence 4221 W. Boy Scout Blvd., Ste. 1000 Tampa, Florida 33607-5780 Direct: 813.229.4322 | Fax: 813.229.4133 From: Wright, Wm. Cary Sent: Wednesday, July 31, 2013 9:37 AM To: Michael G. Meyer; Pence, Scott Subject: FW: The Looming Disaster from National Flood Rates From: Tutwiler-PublicAdjuster.com [mailto:tutwiler@publicadjuster.com] Sent: Wednesday, July 31, 2013 6:00 AM To: Wright, Wm. Cary Subject: The Looming Disaster from National Flood Rates If you're having trouble viewing this email, you may see it online<http://e2.ma/message/d4asl/p1stk>. Share this: [http://app.e2ma.net/media/themes/default/img/socialnetworks/email.png] <http://e2.ma/share/outbound/e/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/twitter.png] <http://e2.ma/share/outbound/t/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/facebook.png] <http://e2.ma/share/outbound/f/d4asl/p1stk> [http://app.e2ma.net/media/themes/default/img/socialnetworks/linkedin.png] <http://e2.ma/share/outbound/l/d4asl/p1stk> [Tutwiler | PublicAdjuster.com | Putting Your Insurance to Work For You. | www.PublicAdjuster.com]<http://e2.ma/click/d4asl/p1stk/hvmqyc> The Looming Disaster Over Flood Insurance Premiums Our public adjusting firm, Tutwiler & Associates has been very busy over the last eight months dealing with Super Storm Sandy insurance claims. Those who were on the ground in the Northeast know that Sandy was a major flood event. Because the combined losses from both Sandy and Katrina far exceeded surplus and expected premium collections, the National Flood Insurance Program claims they are seriously in the red. Depending on whom you ask the shortfall may be in excess of $20 billion. On the claims side of this issue, many policyholders with flood damage learned some very hard lessons on the coverage and payment limitations of the National Flood Insurance Program. From firsthand experience with our clients, to emails and phone calls, we have fielded questions and tried to provide answers, suggestions, solutions or options on this blog. Now, the other shoe has dropped on this federal insurance program and we want to provide our readers’ insight into the story which will be rolling out in more detail as flood premium notices hit the mail boxes of policyholders. But first I want to make it clear that I have always been a big advocate of property owners buying flood coverage (including excess flood if warranted) if located in a flood zone or an area with flooding potential due to the flood exclusions that exist in almost all admitted and surplus lines property policies. The flood peril in this country is huge as you will see in the flood video below. And you don’t even need to be in a flood zone to experience a major flood loss. Stated another way, we have had clients far removed from coastal beaches who have sustained major flood damage. In fact, the flood policies will provide flood converge if two adjoining properties are flooded and/or two or more acres are flooded. Flooding can happen anywhere and you don’t have to be in a flood zone to buy this coverage. My other reason for encouraging this coverage was that it was cheap compared to other property insurance sold in the private market. Now, this is all about to change and I predict this change will have a major impact on real estate values, particularly in coastal communities. More importantly, it will impact the financial well being of families who have to pay much higher premiums or forced to sell because they can’t afford the rate increases. And of course, those who decide to go without flood insurance take another type of financial risk. How serious is this? As an example, we attended an event sponsored by a local real estate broker and large insurance agency last week. One realtor gave an example of a property that was under contract with a $25,000 deposit. When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit. While some press coverage has been given to this pending maelstrom for property owners requiring flood coverage, See: Premiums Rising for National Flood Insurance Program<http://e2.ma/click/d4asl/p1stk/xnnqyc>, the facts of the proposed premium increases are just starting to leak out in bits and drabs. This recent article Outrage as Homeowners Prepare for Substantially Higher Flood Insurance Rates<http://e2.ma/click/d4asl/p1stk/dgoqyc> lays out the impact and unintended consequences this situation is already having on flood policy homeowners. So where did the authority come from to make these changes? It was an act of Congress with legislation called the Biggert-Waters Act passed in 2012. Apparently, without sound actuarial market rates, this program would not have be reauthorized and according to some, this would have been the end of the flood insurance program. This video link provides some background and history on flood risk, the National Flood Insurance Program and attempts to play down the impact of these premium increases. http://vimeo.com/67835375<http://e2.ma/click/d4asl/p1stk/t8oqyc> Pass this along folks, the public needs to know what’s coming. Let me know where you think all this is heading. [Florida Public Adjuster Insurance Claims]<http://e2.ma/click/d4asl/p1stk/90pqyc> Dick Tutwiler "When the prospective buyer heard about the new cost of the flood insurance premiums, they immediately walked away and gave up their deposit to purchase the home." Tutwiler & Associates<http://e2.ma/click/d4asl/p1stk/ptqqyc> Licensed Public Insurance Adjusters & Loss Consultants Executive Office 5401 W. Kennedy Blvd., Ste. 757 Tampa, FL 33609 Florida License# A269833 Offices: Tampa, Hollywood, Palm City, Florida info@publicadjuster.com<mailto:info@publicadjuster.com> • www.PublicAdjuster.com<http://e2.ma/click/d4asl/p1stk/5lrqyc> Toll Free:800.321.4488 • Phone:813.287.8090 Also licensed as public adjusters in: Georgia, Kentucky, Louisiana, New York, North Carolina, South Carolina, Tennessee, Texas, West Virginia, and U.S. Virgin Islands [http://e2ma.net/userdata/1350587/images/templates/tutwiler_jk_03.gif] This email was sent to cwright@carltonfields.com<mailto:cwright@carltonfields.com>. To ensure that you continue receiving our emails, please add us to your address book or safe list. manage<https://app.e2ma.net/app2/audience/signup/1350858/1350587/17706939/?v=a> your preferences | opt out<http://e2.ma/optout/d4asl/p1stk?r=aHR0cHM6Ly9hcHAuZTJtYS5uZXQvYXBwMi9hdWRpZW5jZS9vcHRfb3V0LzEzNTA4NTgvMTM1MDU4Ny8xNzcwNjkzOS8_dj1h> using TrueRemove®. Got this as a forward? Sign up<https://app.e2ma.net/app2/audience/signup/1350858/1350587.19316667/?v=a> to receive our future emails. [powered by emma]<http://e2.ma/click/d4asl/p1stk/lesqyc> ________________________________ ****IRS CIRCULAR 230 DISCLOSURE: TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE IRS, WE INFORM YOU THAT ANY TAX ADVICE CONTAINED IN THIS COMMUNICATION (INCLUDING ANY ATTACHMENTS) IS NOT INTENDED OR WRITTEN BY HOLLAND & KNIGHT LLP TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF (I) AVOIDING TAX-RELATED PENALTIES UNDER THE INTERNAL REVENUE CODE, OR (II) PROMOTING, MARKETING, OR RECOMMENDING TO ANOTHER PARTY ANY TAX-RELATED MATTER HEREIN.**** ________________________________ NOTE: This e-mail is from a law firm, Holland & Knight LLP (“H&K”), and is intended solely for the use of the individual(s) to whom it is addressed. If you believe you received this e-mail in error, please notify the sender immediately, delete the e-mail from your computer and do not copy or disclose it to anyone else. If you are not an existing client of H&K, do not construe anything in this e-mail to make you a client unless it contains a specific statement to that effect and do not disclose anything to H&K in reply that you expect it to hold in confidence. If you properly received this e-mail as a client, co-counsel or retained expert of H&K, you should maintain its contents in confidence in order to preserve the attorney-client or work product privilege that may be available to protect confidentiality.