What! My Flood Policy Doesn’t Cover Flood Damage?! This, and Other Pitfalls of NFIP Flood Insurance Policies
September 6, 2024
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We have compiled a series of past articles designed to help you navigate the aftermath of Hurricane Helene more effectively.
From understanding insurance claims to safeguarding your community, we offer these resources to make recovery a little less daunting.
For Employers
Employer Survival Toolkit for Natural Disasters and Inclement Weather
From an employment perspective, employers should consider adding or refining the following tools in advance of the next natural disaster or adverse weather event. Read more.
A Short Refresher on Discrete Legal Issues During Natural Disasters
As they say, an ounce of prevention is worth a pound of cure. In that spirit, what follows are certain pay and leave issues employers may confront during times of natural disaster – all of which are better to be thought about ahead of time, to the extent possible, instead of "in the moment" once a natural disaster strikes. Read more.
For Business Owners
Be Sure to Insure: 10 Types of Business Insurance Coverage to Consider
When it comes to protecting your business, having the right insurance coverage is crucial, but how do you know what types of coverage you need? The first step is understanding some of the key different types of insurance coverage available to your business. Read More.
For Homeowners and Community Associations
A Few Things You Should Know in Case of Windstorm Damage to Your Home or Building
North Carolinians know when Hurricane season begins and ends; we know what a "spaghetti model" is; and we know who in our neighborhood has a generator! But do we know enough about windstorm insurance policies and how to successfully manage an insurance claim? This article provides some tips to consider in the unfortunate event of a windstorm insurance claim. This article does not discuss flood insurance claims. Read more.
Disasters Take Many Forms – Preparing Your Community Association for the Unexpected
Disasters, natural or otherwise, are usually unexpected and leave little time for advance action. Hurricanes, named storms, floods, fire, and even crime, are types of disasters that communities across North Carolina may experience.
Equipping your community association with the knowledge necessary to navigate natural disasters or other unexpected events is crucial to minimizing damage and recovery. Read more.
What! My Flood Policy Doesn’t Cover Flood Damage?! This, and Other Pitfalls of NFIP Flood Insurance Policies
Congress created the National Flood Insurance Program (the "NFIP") to help make flood insurance more affordable in higher-risk areas. FEMA oversees the program and writes the terms of the Standard Flood Insurance Policy (the "Policy"), and the Federal government pays claims. Since the NFIP is a government program designed to help those suffering from flood damage, you might think that the claims process is worry-free. Unfortunately, that could not be more wrong! Read more.
Don't Jump Without a Parachute! Understanding Community Association Insurance Needs
The purpose of this article is to educate Community Association Board members regarding the types of insurance their Community Associations should consider carrying, and which gaps in insurance coverage they should be wary of when evaluating and selecting the right insurance coverage for their Community Associations. Read More.
For Individuals
Estate Planning Considerations That Apply to Nearly Everyone
Our attorneys field questions every day about the nuanced estate planning issues that arise due to a client's unique circumstances, but there also are many fundamental estate planning considerations that apply "across the board," regardless of one's family situation or financial condition. This article contains core information about the vital estate planning measures that almost all North Carolinians should have in place. Read More.
For the Construction Industry
Now Is the Time to Review Your Force Majeure Clause
Now is the time to review your contracts' force majeure clause and be proactive about obtaining extensions of contract deadlines. Most construction contracts contain time limits for requesting extensions of time, and some may be within days of the event that first causes delays. Failure to timely request extensions could result in your company being saddled with liquidated damages and other delay damages when all the dust settles. Read More.
For the Hospitality Industry
Reopening Restaurants in Buncombe County after Helene: What We Know Today
Buncombe County's Environmental Health Supervisor Felissa Vazquez met with local restaurant owners at 12 Bones Brewing on the morning of October 8, 2024, to answer questions and advise them on how to reopen their businesses given the widespread unavailability of water in Buncombe County and Asheville. Read More.
Conclusion
Facing the aftermath of a natural disaster can be overwhelming, but at Ward and Smith, we're here to ensure you're not facing it alone. Our dedicated teams in Natural Disaster and Recovery and Insurance Counseling and Recovery provide the support and guidance you need to tackle the challenge ahead. With our experience in navigating insurance policies and local regulations, we can help you and your business move confidently toward recovery, restoration, and rebuilding. And with an office in Asheville, we remain #WNCStrong.
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This article is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. No action should be taken in reliance upon the information contained in this article without obtaining the advice of an attorney.
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