X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
There really is no season of disasters, but it does seem that spring and summer, from mid-March to the beginning of fall, is when we receive the most “gifts” from Ma Nature. By April 1st, central New England was convinced that their rain—following one of the worst winters in recent decades—was no April Fool’s joke. It reminds one of the great 1936 flood on the Connecticut River, and the story of the two old Yankees sitting on a porch watching houses and covered bridges, cattle, and other debris float down the river. As part of the courthouse floated by, one looked at the other and said, “By gosh, Fred. Taxes are going to be high.”

Given that a large number of the victims of the Great Flood of 2010 probably did not have flood insurance, chances are that those cash-strapped states will have little option but to raise taxes, and when they are declared federal disaster zones, the rest of us will have to divvy up, too. When writing chapter 13 on the National Flood Insurance Program for Thomson Reuters West’s 2008 text, CAT Claims – Insurance Coverage for Natural and Man-Made Disasters, I included a list of major U.S. floods. It’s a common enough peril, but every time there is a major flood, there are those who thought it would never happen to them, and who did not purchase flood insurance.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.