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NFIP Adjuster Fee Schedules – Fiscal Year (FY) 2024 Revision

Effective on October 1, 2023

" FEMA has revised its NFIP Adjuster Fee Schedule. The revised NFIP Adjuster Fee Schedule will be effective on October 1, 2023, and is applicable to claims with dates of loss on or after October 1, 2023. The 2022 Increased Cost of Compliance (ICC) Fee Schedule was not revised."


2023 Standard Flood Insurance Policy (SFIP) Commentary

Source: NFIP WYO Company Bulletins

" FEMA is pleased to announce the release of its SFIP Commentary. The SFIP Commentary complements the NFIP Claims Manual (June 2023) by helping claims professionals quickly find current NFIP guidance relevant to key provisions and concepts contained within the Standard Flood Insurance Policy. The Commentary primarily refers to the Dwelling Form but highlights points of difference with the General Property and Residential Condominium Building Association Policy (RCBAP) as applicable."


FEMA Projects Up to $3.5 - $5.3 Billion in Hurricane Ian Flood Insurance Claims Payments

From a FEMA News Article:
Release Date:
November 10, 2022

WASHINGTON -- As of Nov. 10, the National Flood Insurance Program (NFIP) has received more than 44,000 flood claims from Hurricane Ian and has paid nearly $437 million to policyholders.

FEMA’s initial estimate projects Hurricane Ian could potentially result in NFIP claims losses between $3.5 - $5.3 billion, including loss adjustment expenses. The losses include flood insurance claims received from five states, with the majority of claims coming from Florida.

The agency based the initial estimate on several data points. These include policy information, daily reports of claims and payments made, significant historical events patterns of reported claims and payments, current economic conditions and claim adjuster observations.


NFIP Adjuster Fee Schedules – Alternative Fee Schedule

To apply to claims reported with a date of loss of September 17, 2022, and later.

The information below comes the WYO Bulletin W-22007 issued 10/1/2022

The Fiscal Year (FY) 2022 WYO Financial Assistance/Subsidy Arrangement (“Arrangement”) at IV.C.2 authorizes the Federal Emergency Management Agency (FEMA), in its sole discretion, to authorize the use of an alternative Fee Schedule to ensure the availability of qualified insurance adjusters during catastrophic flooding events.


NFIP Adjuster Fee Schedules – Fiscal Year (FY) 2023 Revision

This information and the attachment is from the NFIP Write Your Own (WYO) Bulletin W-22001 issued 8/9/2022

"FEMA is pleased to announce the release of the 2023 NFIP Adjuster and Increased Cost of Compliance (ICC) Fee Schedules.

Federal regulation requires fee schedule revisions to align with a new FY WYO Financial Arrangement. The FY2023 Arrangement will be effective October 1, 2022; therefore, the 2023 NFIP Adjuster and ICC Fee Schedules will apply to claims with dates of loss on or after October 1, 2022. FEMA is providing the notice well in advance to allow WYOs and the NFIP Direct time for system updates.

 


ALABAMA SURVEY ON PRIVATE FLOOD MARKET PROMPTS LEGISLATION TO ENCOURAGE INSURER PARTICIPATION

Alabama Department of Insurance (ALDOI)

The Alabama Department of Insurance (ALDOI) released results of a survey taken to understand the private flood insurance market in the state. The ALDOI commissioned Milliman, Inc. (Milliman), a premier global consulting and actuarial firm, to survey flood insurance industry stakeholders and understand their concerns and perspectives around writing private flood insurance in Alabama, and ways to overcome regulatory, technical, and consumer-focused challenges.
 


Addendum to the NFIP Adjuster Claims Manual — Special Adjustment Issues: Fiberboard Sheathing/Blackboard

WYO Bulletin w-17065

On October 13, 2017, the National Flood Insurance Program (NFIP) updated the NFIP Adjuster Claims Manual by adding an addendum providing additional guidance on special adjustment issues surrounding perimeter wall sheathing. The addendum expands upon and replaces existing guidance found at Paragraph P of Section VIII of the NFIP Adjuster Claims Manual.

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