...Flood Insurance Affordability The National Flood Insurance Program (NFIP) is over $24 billion in debt following disasters such as Hurricanes Sandy and Katrina.1 The program was created in the 1960s because insurers were leaving the flood insurance market due to outrageous risks. Its purpose is to subsidize the policies of property owners in flood risk areas and, for some, is the only way to get affordable flood coverage. Today, about 20% of the 5.5 million flood policies in effect are subsidized by the NFIP. The other 80% pays premiums based on actual risk, which is the point of insurance to begin with.2 What began as a successful solution to unaffordable rates has become an economic disaster, leaving taxpayers to pick up the tab. The program made it affordable for anyone to live in areas that are deservedly uninsurable without government support. Climate change is no longer just a theory. According to the consulting firm AECOM, the rise in sea levels could increase flood hazard areas along the coast by 55% in the next century. Despite this problem, coastal populations have increased by 40% since 1970, the result is that 40% of the US population lives in a county with a coastline.3 Decades of low premiums have given few incentives for property owners to take preventative actions and will cost taxpayers billions more when another disaster occurs. Coastal development is still on the rise and people seem ignorant to the growing risk floods and the detriment that their subsidized...
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...Contents Chapter 1: Introduction 3 1.1 Objectives of the study 3 1.2 Methodology used in the study 4 1.3 Limitations of the study 5 Chapter 2: Introduction of flood insurance 6 Flood insurance 7 Chapter 3: Origin of flood insurance 8 Chapter 4: Necessity of flood insurance 10 Flood insurance eligibility 11 Top misconceptions about flood insurance: 12 Chapter 5 : Flood insurance(usa) 14 5.1: Overview 14 5.2: Development of flood insurance in usa & concern laws 16 5.3: Standard flood insurance policy 20 5.4: Terms & conditions 22 5.5: Criticism 28 5.5.1: Hurricane Andrew – 1992 28 5.5.2: Hurricane Katrina – 2005 28 Chapter 6: First flood insurance program 30 Chapter 7: Current overview of flood insurance in bangladesh 33 Chapter 8: Comparative analysis on flood insurance perspective between bangladesh and usa 36 Chapter 9: Conclusion 43 Bibliography 44 Chapter 1 Introduction Chapter 1: Introduction 1.1 Objectives Of The Study * a brief knowledge about flood insurance. * describing the flood insurance in respect of usa. * describing the flood insurance in respect of bangladesh. * scope of flood insurance. * comparative analysis between usa and bangladesh over flood insurance. * 1.2 Methodology Used In The Study ------------------------------------------------- Outline Of Methodology methodology for this study regarding the tax situation...
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... For days after the flood water subsided the area was still under threat of flooding because of the substandard drainage system and outdated levy system. This incident forced many El Pasoans to evaluate the possibility of the future flooding an estimate the cost of purchasing the flood insurance. According to the study performed by the National Weather Service Forecast Office Deep convection, which produces excessive rainfall and flash flooding, poses a threat to lives and property over south-central and southwestern New Mexico and far western Texas, primarily during the summer monsoon season. Forecasting these phenomena are difficult across this region due to the irregular terrain, the sparse data and the relatively poor performance of numerical models in the prediction of heavy rain across the southwestern United States (Rogash, 2003). Therefore, we can safely assume the2006 flooding in El Paso area was a combination of independent variables such as topography and existing drainage system and independent variables such as weather patterns and rainfall. Some such as city representative Eddie Holguin called it a 500-year abnormality and assumed “we still have 490 more years to deal with this”( El Paso times, 2008) on the contrary to the National Weather Service, which assessed the probability of every 100 years. Considering the fact the probability of 500 year flood will not affect the current population I wanted to explore possibility of another flood happening within the...
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...Example Essay Flood Damage Television news reports often show pictures of floods. This natural disaster can be very damaging. Floods can negatively affect a person in three ways: financially, physically, and emotionally. The first effect on the victim is a heavy financial loss. The victim has to pay for property and possessions that a flood destroys, for example buildings, cars and their contents. Sometimes the property remains intact, but searching for it can take a long time as it can be deposited anywhere in the flood’s path. An extensive search of the area can cost many dollars. Next, the victim has to pay for cleaning and repairs. Anything touched by the flood will be wet and covered with mud and other debris. Many structures and items will also need repairing because a powerful flood can weaken or damage them. Yet another cost for the victim comes from insurance. Sometimes insurance policies do not cover natural disasters in full, so the victim must pay extra costs. In addition, there may be increased insurance premiums in the years following a major claim. In short, floods can seriously affect people’s finances. Another effect is the range of serious physical problems caused by the flood. First, there are the direct effects. Many people drown when they are swept away by the flood water. Other people receive cuts and broken bones when the water throws them into obstacles in its path. Then, there are the indirect physical effects. Flood water is often...
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...Jason Coleman 06-11-12 New Orleans Recommendation Paper The Case For, or Against, New Orleans Management Decision Models B6025 Dr. Usha Dasari We will look at many factors in our case for rebuilding or not rebuilding New Orleans. This recommendation will be reviewed by state and local governments for their decision. We will perform a Cost-Benefit Analysis which will represent the residents of New Orleans, the residents of the surrounding floods plains, the Mayor of New Orleans, and the federal government represented by FEMA (Federal Emergency Management Agency) and the taxpayers. We will look at scenario models, risk management, and decision trees to support our decisions and analysis. This natural disaster took an enormous toll on the residents of New Orleans. Over 1200 lives were lost and countless injuries were suffered. The loss of revenue from the shutdown of businesses, loss of homes and possessions of residents caused much pain and human suffering. We will conclude with an executive summary which will summarize our decision for or against rebuilding of New Orleans. Prior to the hurricane New Orleans was a tourism magnet. The city offered many restaurants, festivals, and great weather. These positives made tourism a thriving market. Other boons for the economy of New Orleans were the mining, transportation, and warehousing along its waterways. More products came through this port than any other port in the world. There are many colleges in the area than add...
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...earthquakes, hurricanes, flooding, or tornadoes, alternatively, disasters can be defined according to the extent of their impacts. Catastrophic disasters classify hazards in terms of their effect on human life over a large spatial scale. Events like massive volcanic eruptions, continental-wide droughts or huge tsunamis. Conversely, other disasters may not have huge impacts on people, but may change the face of a landscape permanently - avalanches or landslides may occur in uninhabited areas, where the only physical result is a sudden change in the physical environment Natural disaster can destroyed houses, trees, building, vehicles and peoples life. .. Natural disasters come in many forms such as earthquakes, tornados, floods, blizzards, fires, and volcanic eruptions, Floods, hurricanes, and tornadoes can be devastating. Even more devastating are the consequences of not being fully prepared. Below are some of the general suggestions for disaster preparedness. Every type of disaster is not subjected to one specific area. This...
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...Chicago’s downtown central business district began to flood. A hole the size of an automobile had developed between the river and an adjacent abandoned tunnel. The tunnel, built in the early 1900s for transporting coal, runs throughout the downtown area. When the tunnel flooded, so did the basements connected to it, some 272 in all, including that of major retailer Marshall Field’s. The problem was first noted at 5:30 A.M. by a member of the Marshall Field’s trouble desk who saw water pouring into the basement. The manager of maintenance was notified and immediately took charge. His first actions were to contact the Chicago Fire and Water Departments, and Marshall Field’s parent company, Dayton Hudson in Minneapolis. Electricity—and with it all elevator, computer, communication, and security services for the 15-story building—would soon be lost. The building was evacuated and elevators were moved above basement levels. A command post was quickly established and a team formed from various departments such as facilities, security, human resources, public relations, and financial, legal, insurance, and support services. Later that day, members of Dayton Hudson’s risk management group arrived from Minneapolis to take over coordinating the team’s efforts. The team initially met twice a week to evaluate progress as the store recovered. The goal of the team was to ensure the safety of employees and customers, minimize flood damage, and resume normal operations as soon as possible...
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...Pruitt of the U.S. Office of Naval Research, is now commonly used to describe the science—and art—of identifying, observing, and measuring an object without coming into direct contact with it. It involves the detection and measurement of radiation of different wavelengths reflected or emitted from distant objects or materials, by which they may be identified and categorized by class/type, substance, and spatial distributions. There are various types of satellites being used for earth observation. It varies from the area that is being seen to the frequency of observations. One type used in disaster management would be polar-orbiting satellites that aviate in low-set ambit, but provide high spatial resolution. Infrared sensors would pick up floods, thermal sensors would spot the fires that are active, and microwave sensors are used to measure earth’s deformations before and during earthquakes or volcanic eruptions. The major disaster in the developing world would be the drought in Africa. This kind of disaster along with many others starts slowly and may be predicted in advance. “The cause of droughts in the U.S. is the disposition winds from the west. A ridge which is caused by a jet stream making a big northern bend going over the central part of the woodlands with lesser meridional curves on specific side above the east and west coast states. A large anticyclone forms below the ridge and begins to rotate. This pattern is very stable and is called an omega block, after the...
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...city with my scientific analysis, conclusions, and provide recommendations concerning potential flood damages. METHOLODOGY The methodology used was to utilize the Recurrence Interval formula (R) = (N+1)/M, to determine the recurrence interval and magnitude of historical floods provided on the Stream Gauge Data of Peak Flood Discharges on Clearwater River in Hazard City. Also, I reviewed the flood insurance map to determine areas of floodplains and I utilized the topographic map of Hazard City to compare with the flood insurance map and to make my own conclusions regarding the geographical areas at most risk. Lastly, I used the discharge-frequency curve data and graph to determine the discharge of a 75-year flood in Hazard City. DATA STREAM GAUGE AND DISCHARGE FREQUENCY CURVE YEAR DISCHARGE M R The data from the Stream Gauge Worksheet helped to prepare the Discharge-Frequency Curve. The Stream Gauge Data worksheet was also useful in determining the magnitude as well as to conclude the recurrence interval of each Peak Flood Discharge. CONCLUSION My scientific assumption based on the data is that areas closest to the Palouse River and Clearwater River will have the most issues with overbank flow, or flooding (Keller, 2008, p. 264). Since the areas of Point Park and Riverside are floodplains, it is hypothetical that those areas would flood the worst. However, the railroad would also be inundated by flooding which would seriously damage...
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...happens if a stream has too much sediment load? It causes sediment deposition on stream bottom creating a braided stream. 3. A) What expected flood size does FEMA use to establish its regulatory requirements? FEMA uses the 100 year flood for building regulations. B) In any given year, what is the probability that a 100 year flood will occur? There is a 1% chance each year that this level of flood could occur. Maps are available with 100 year flood outlines. 50 year flood = 2% chance. 4. What are 6 ways that killer floods can occur? 1) Precipitation is above normal in drainage basin, 2) sudden snow/ice melts, 3) landslides, 4) modifications, fire and urbanization = more runoff 5) Dam failure, 6) geography of stream basin/area. 5. A) Are the canyons of Utah susceptible to flash floods? Why or why not? Yes because steep topography helps thunderstorms build and then provide the rugged valleys that channelize the killer floods. Utah canyons are very steep so it is very possible. B) How deep does water have to be to possibly be fatal to people who try to drive through flood waters? 2 ft deep. 6. A) How do regional floods differ from flash floods? They differ because regional floods occur in large river valleys with low topography whereas flash floods happen in tall steep places. B) Why was the Mississippi River flood of 1993 so big? Because...
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...Waterway Cleanup and Restoration Program is a collaborative effort among many local waterway groups to improve the conditions of Davidson County creeks, streams, and rivers. The program focuses on assessing, cleaning up, and restoring Davidson County waterways to pre-flood conditions or better. Since the flood of 2010, volunteers have helped remove more than 294 tons of debris from local streams and creeks. However, the waterways still need to be cleaned by volunteers, a tons of trash are near there because of unconscious people that throw it under bridges and finish to settle across all the...
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...Discuss the impacts of storm events in the British Isles and evaluate the responses to them (40 marks) The British Isles has a Cool Temperate Western Maritime Climate which is owing to its location at the edge of a continent, between two seas and subject to the influences of five major air masses; north-westerly, south-westerly, northerly, easterly and southerly. British climate is classified as temperate as it rarely features the extremes of heat or cold, rain, drought or wind that are common in other climates. Basic characteristics of this climate include temperature, precipitation, wind and air masses. The mean summer temperatures in the UK are lower than the average for its latitude which is due to the cooling influence from the Atlantic Ocean with its daily maximum being about 30 degrees. The average monthly values rarely exceed 16 degrees. In the winter, the average temperatures are above freezing (2-7 degrees) in coastal areas and relatively high winter values are owed to the warming influence of the sea. Oceans have an ameliorating effect on the temperature in the British Isles ad so it isn’t too hot or too cold. Also within the British Isles, precipitation occurs throughout the year yet varies in relief in upland areas, for example, western coast rainfall totals can exceed 2,500mm whereas a short distance further east in low land areas in the shadow of mountains, annual totals can be as little as 500mm. Most of the rainfall is brought by frontal systems moving from...
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...Using a case- study, assess the causes and consequences of coastal flooding. 15 marks Coastal floods occur primarily due to physical causes. A depression can produce low pressure conditions which pull water particles up, giving to a rise in sea level. Similarly strong winds can occur due to change in meteorological conditions which can also rise the sea level. At this point the sea level is much higher than a normal spring tide, and this is called a storm surge. However many human causes, particularly the lack of preparation and costal defences, can lead to lead to any storm surge having a much larger impact on local communities near the coastline. The North Sea storm surge occurred in 1953 and had a huge impact on many communities in places including Britain and the Netherlands. In the Netherlands 1,835 people were killed and 47,000 buildings damaged. While in Britain 307 people died but over 30,000 people had to be evacuated from their homes. This initial storm surge was inevitable. A deep Atlantic depression moved across Scotland, meaning the central pressure had dropped to 970 mb by the coast of Denmark. This reduction is pressure is responsible for the rise in the surface of the sea level by 0.5m. Strong winds also drove the waves ahead of the storm. This was combined with high spring tides when the Sun and Earth and Moon are all in line. So the result was 6m waves approaching both Britain and the Netherlands. Additionally Canvey (one of the areas most affected in Britain)...
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...* Insurance: Munich Re Munich Re, là công ty tái bảo hiểm lớn nhất thế giới [2] với 5.000 khách hàng ở 160 quốc gia. Trụ sở đặt tại thành phố Munich, Đức. Munich Re thành lập năm 1880 bởi Carl von Thieme cũng là người sáng lập công ty bảo hiểm Allianz, nhà bảo hiểm lớn nhất của Đức. Munich Re là tên thường dùng ngắn gọn thay cho tên đầy đủ là Munich Reinsurance Company * Manufacturing * Dow is the company that combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from the intersection of chemical, physical and biological sciences to help address many of the world's most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Hurricanes Gustav and Ike in 2008 caused temporary outages at several of Dow Chemical Company’s production facilities, resulting in $181 million in operating costs. * Honda suffered a loss of over $250 million when heavy floods in Thailand inundated automobile assembly plants in 2011. * Holcim, one of the world’s leading suppliers of cement and aggregates, was affected by severe flooding in both Thailand and eastern Australia in 2012, resulting in $6.1 to $8.2 million in maintenance costs and lost production, in addition to costs of around $6.1 million from a surge in coal prices due to impacts on Australian coal mines. * Oil &...
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...Waters has confirmed that the property is insured and that no claim on the property as been issued or awarded. Mrs. Waters has no intent to sell the residence within the next five years, and has yet to have the residence properly appraised. Mrs. Waters figures her property has dropped in value by approximately $200,000. Mrs. Waters is filing a joint a return with her husband and wants to deduct the $200,000 as a casualty loss. • Issue(s). Can Muddy Waters deduct the $200,00 in casualty losses of her personal residence due to the industrial water pollution to the river on her property? • Analysis. Code 165 Section (a) states, “There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.” These deductions are generally limited to assets engaged with trade of business, but section (c)(3) states “Losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.” Thus making Mrs. Waters personal residence eligible for a possible deduction. As the loss Muddy Waters was due to industrial pollution their casualty loss would fall under the “other casualty” stated in section 165(c)(3). Other casualty is often used by earthquake losses and car accidents. As it has been taken to court a variety of times how other casualty is defined is under much controversy as in the cases mentioned later show...
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