Delaware Business Insurance Update from CNC Insurance Associates Inc. 5-7-13 Flood Claims Still Not Paid

I just got back from a company meet and greet and had a chance to talk with some of my peer agents and brokers in Delaware. I was amazed to find out in conversations with them , that many of their clients still do not have their flood claims settled after super storm Sandy. Delaware was extremely fortunate as we were spared the wrath of the storm, but some flooding damage did occur. The Federal flood program is obviously not up to par like the rest of the insurance industry I also did some research and found that many of the flood claims in NJ & NY are still open. This is totally against best practices, as policy holders deserve quicker claim pay outs. I am not sure the fate of the Federal Flood program but privatizing it may be the right choice. The rest of the insurance industry responded favorably and has paid out and settled most of the claims. The flood settlements are still problematic and may force a re-evaluation of the whole program in the near future. Until next time be careful out there and know your risks.

G. Kevin Nemith, CNC Insurance Associates, Proudly Serving DE, MD, NJ, VA & PA.
www.cncinsurance.com
www.bizinsurancetv.org

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