For the second time, Dan Freudenthal, President at CRIO, was invited to present on the topic of flood at the Mortgage Bankers Association’s (“MBA”) Insurance Conclave, which was held on September 20th in Chicago, IL. The audience included over 50 risk management professionals from commercial lending and loan servicing organizations as well as from life insurance companies and federal regulatory agencies who are responsible for property and casualty insurance compliance for portfolios of commercial and multifamily loan portfolios.
As a nationally recognized expert and thought leader in the area of flood risk, Mr. Freudenthal shared his insights on “Flood Insurance: let’s talk flood losses. The collateral floods… what happens next?”. In the session, panelists discussed real life case studies demonstrating how flood deductibles impact claim payments, how flood losses are really settled, how to manage the claim, and what to do if there is not enough coverage to cover the loss. The panelists also further discussed SFHA flood deductible language, possible gaps in coverage, managing between the NFIP and excess coverage, private market alternatives, information the borrower should know, obstacles to payment, lessons learned and how a servicer should be plugged in to influence the timing and amount of payment.
Mr. Freudenthal was presenting together with Alice Edwards, Managing Director – Forensics at PwC. The session was moderated by Laura Smith, SVP Loan Administration at Berkadia.
Mr. Freudenthal has been an active speaker at risk management and commercial real estate conferences about the topics of flood risk, flood insurance, flood zone correction and elevation certificates, and has published numerous articles in commercial real estate, risk management and insurance industry publications.