Just one example is last year’s Hurricane Harvey, which caused the biggest rain event in U.S. history and to date has totaled about $8 billion in claims. That’s a massive impact on industry, homeowners, insurance companies, and banks.
Couple these billion-dollar disasters with a constantly changing maze of rules, regulations, and requirements and you have a turbulent time for financial institutions and insurance companies that now—more than ever—need to understand the realities of Flood Compliance.
That’s where our team of flood-trained experts come in. We’re the market leader and most exclusive provider of flood remediation services for the nation’s largest financial institutions.
The team of about 100 flood experts has vast experience that enables us to go on-site and work hand-in-hand with banks to extract, validate, remediate, and populate loan information and regulatory requirements. Our experts are involved in projects across the country doing loan remediation and diligence.
This is a business that no one was really in going back just a couple of years ago. With the recent hurricanes and events, federal regulators have really made it a point to make sure that flood compliance and flood insurance policies for both commercial and residential are sound.
In addition to diligence and remediation, the team also has the expertise to work on the claims side of the business, and last year we processed 20,000 direct claims for a single client.
In today’s climate of ever-changing flood-compliance requirements, it’s more important than ever to leverage the larger Cushman & Wakefield expertise, and its deeply rooted knowledge of the broader commercial real estate industry.
Complying with flood insurance regulations is one of the foundations to ensuring sound future business strategies.
For more information, download our latest report on Bank Flood Insurance Compliance – Challenges & Observation .