Environmental and Land Use Law

Updates on Environmental and Land Use Law in New England and the US from Anderson & Kreiger LLP

Article

National Flood Insurance and Businesses: The Price of A Clam Roll May Be Rising

Clam lovers, Beware!
Businesses are also going to feel
the pain of NFIP’s redrawn flood maps

The National Flood Insurance Program’s redrawing of flood maps and roll-back of flood insurance subsidies for some properties have caused an uproar from homeowners in coastal and other areas where flood insurance is required by mortgage lenders. It may be less commonly known that NFIP is also phasing out subsidies for business properties. So if you notice the price of a clam roll starting to climb, your favorite seaside eatery may be passing along its rising insurance costs. If it’s your premiums that are rising, grants may be available for implementing flood mitigation measures (picture your clam shack on stilts), and implementing those measures may lower your flood insurance premiums.

For more on this see http://www.fema.gov/hazard-mitigation-assistance.

About the Author

Harvey Nosowitz – Counsel

Harvey helps clients with commercial litigation, in particular insurance coverage, personal injury and products liability cases.

Please contact him with any questions:
hnosowitz@andersonkreiger.com
(617) 621-6555.


Posted In: Insurance

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