In November 2005, in the wake of the damage and destruction brought on by Hurricane Katrina and Hurricane Rita, we published a Corporate Insurance Law column in which we discussed insurance claims for flood and wind damage caused by those storms.1 With the Northeast now suffering from the catastrophic harm inflicted by Hurricane Sandy, this column provides an update regarding storm-related insurance issues arising under homeowners’ policies and commercial property damage policies.
Flood Insurance
In 1968, in response to the increasing costs of disaster relief for flood victims, Congress enacted the National Flood Insurance Act, creating the National Flood Insurance Program (NFIP).2 Under the act, each community was mapped to show the probability of flooding in a particular area over the next 100 years. The act established an insurance program that made subsidized coverage available to property owners in at-risk communities in exchange for the communities’ agreement to enforce flood plain management ordinances and other land-use restrictions to reduce the risk of future flood damage. Parts of New York City, including areas in each of the five boroughs, are mapped as eligible under the NFIP as at-risk areas.
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