Question: What if we have a private policy that meets all of the Biggert-Waters requirements except that the policy deductible exceeds the maximum NFIP deductible?
Answer: You cannot allow a private policy to have a deductible that is higher than the deductible available under a Standard Flood Insurance Policy (SFIP). However, a private policy’s deductible can exceed the maximum deductible that’s available under the National Flood Insurance Program for any coverage that exceeds what is available under the NFIP.
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Find out more about the Flood Regulation here – https://www.bankerscompliance.com/banking-regulations-compliance-services/reviews-2/flood/
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!