A provision found in nearly all property insurance policies (even in all risks policies) eliminating coverage for damage by flood. May also eliminate coverage for other types of water damage, such as seepage and sewer backup. Flood coverage can sometimes be provided by endorsement. If not, a separate flood insurance policy may be available from the National Flood Insurance Program (NFIP).

Contract of protection for damage caused by overflowing or rising water. Obtainable under Fire and Marine contracts as an incidental feature to a more comprehensive coverage. Straight Flood Insurance alone is a very rare coverage.
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US: Coverage against loss resulting from the flood peril, widely available at low cost under a program developed by the private industry and the federal government.
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Flood insurance is available from the federal government under the National Flood Insurance Program and is sold through licensed agents. Flood coverage is excluded under homeowners and most commercial property policies. Automobiles, however, are covered for flood under the comprehensive coverage section. Large commercial risks can often buy what is known as a “difference in conditions” policy that covers perils not covered in a standard property policy. Often this includes earthquake and flood coverage.
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Flood insurance, like earthquake coverage, is usually only of interest to those relatively few whose property is exposed. Consequently, losses among this small group will be high and premiums can be prohibitive. However, in 1968 the federal government stepped in to help property owners in designated flood plains with the National Flood Insurance Act of 1968. Coverage is not only available, but may even be required to obtain financing for exposed properties. Some private carriers are beginning to provide flood insurance.
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UK: Insurance against damage caused by the escape of water from the normal confines of any natural or artificial water course (other than water tanks, apparatus or pipes) or lake, reservoir, canal or dam in addition to inundation from the sea. Losses are normally subject to a minimum excess of £250. The risk is normally insured as an additional peril together with storm damage.
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MEDICAL,USA,REFERENCE: See: catastrophe insurance policy .

Insurance that compensates the insured for the loss of property due to a flood.

Provided by FEMA (Federal Emergency Management Agency), this map delineates base flood elevations and flood risk zones, and is used for rating purposes for flood insurance.

Any land area susceptible to being inundated by flood waters from any source.

A form of insurance covering merchandise held for sale by a retailer which has been used as collateral for a loan. The lending institution in effect is insuring its collateral the merchandise “on the floor” of the retailer.

Insurance that covers goods meant for sale that are in the possession of a retailer and have been accepted as collateral for a loan. If the goods are damaged or destroyed, the lender is covered.

A form of insurance covering merchandise held for sale by a retailer that has been used as collateral for a loan. The lending institution, in effect, is insuring its collateral, which is the merchandise “on the floor” of the retailer.