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For now, the insurers' losses are on paper only. It will be months, if not years, before payouts are made.
The average loss in a flood is $46,000.
The result of nationalizing the U.S. flood insurance industry has been a catastrophe all its own. Taxpayers have lost over $40 billion and counting.
Boeing engineers discovered the discrepancy 'within several months' of the initial Max deliveries in May 2017.
Coverage Q&A: Delineating between personal property and business property is essential when determining coverage after an insured event.
Southwest Airlines Co., the largest Max operator, first learned about the problem with the disagree alert after October's Lion Air 737 Max crash.
The recent grounding of Boeing's 737 MAX 8 arrives at a time when aviation insurance is transitioning into a hard market.
Coverage Q&A: The insured is to assume no obligation, make no payment, or incur any expense without the consent of the insurer.
Coverage Q&A: Both Federal Emergency Management Agency (FEMA) and National Flood Insurance Program (NFIP) form language can impact claims.
The storm, which will pack near-record low pressure, could be on par with the system that triggered flooding last month.