FEMA and NFIP Spell Out What’s Required to Issue Payment on Flood Claims

Originally published by Charles Mathis .

On November 20, 2014, the Federal Emergency Management Agency (“FEMA”) issued Write Your Own (“WYO”) Bulletin W-14058 which addresses FEMA and the National Flood Insurance Program’s (“NFIP”) requirements to issue payment on flood claims.

The Bulletin, entitled, Clarification on: 1) Application of the Dwelling Form Loss Settlement Clause; 2) Use of Flood Insurance Claims Proceeds; and 3) FEMA’s Underwriting and Claims Operation Review Tool (U-CORT), seeks to “explain the application of the Loss Settlement Clause to the settlement of claims when there is direct physical loss by or from flood to the policyholder’s insured property,” and addresses the “application of the Replacement Cost Loss Settlement and Actual Cash Value Loss Settlement provisions,” of the Standard Flood Insurance Policy (“SFIP”).

With regard to Replacement Cost Loss Settlement, the bulletin cites standard policy language, but…

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