C-Suite Financial Services Review: Why and How To Reduce Your Flood Risks
Buckley C-Suite Financial Services ReviewMelissa Klimkiewicz
We get it: The simple mention of climate change invokes a visceral reaction from believers and skeptics alike. Rest assured; we are not trying to achieve consensus regarding the planet’s future through this article.
We do, however, want lenders and servicers to take a fresh look at some uncontroversial facts to ensure they are approaching their flood risks with eyes wide open:
- Flooding is currently the most common and expensive U.S. natural disaster
- Companies that violate the Flood Disaster Protection Act, which generally requires mortgaged properties in certain areas to have flood insurance, face greater potential liability than ever before