Last week, at the Long Island Commercial Real Estate Expo, we presented our course Storm Front to a packed room of real estate professionals.

Some students asked that I share the links from the Powerpoint Deck future reference.

So, here goes:

1) Participating Community List for National Flood Insurance Program (NFIP) can be found by clicking here
2) NFIP Summary of Coverage can be found by clicking here
3) Cost of Flooding can be found by clicking here
4) 2010 Annual Performance Report of Industrial Development Agencies (IDAs) can be found by clicking here
5) FEMA's Building Science & Rebuilding Building Code Resources can be found by clicking here

For all those who attended, I hope you enjoyed the class and the Expo. We, at Lieb School, had a terrific time and were glad to participate.

Yesterday, Governor Andrew M. Cuomo announced the creation of a voluntary mediation process for homeowners disputing their insurance claims from Hurricane Sandy.

To read the press release, click here.

Under the program, which is regulated by the Department of Financial Services, insurers must offer and pay for the mediation. So, homeowners, take their offer and go mediate your claims.

Remember, mediation is not binding and if you don't like the results, you can simply not make a deal and start a lawsuit.

However, these programs have been utilized in other States after similar natural disasters and, to illustrate, the Florida Department of Insurance had a 92% settlement rate utilizing such a program. So, homeowners seem to feel positive about mediating their homeowners' insurance claims.

Also, homeowners, don't be shy about utilizing the services of an attorney at a mediation. Being represented in a negotiation concerning the technicalities of your insurance policy is always a good idea. To find an attorney who is competent on a given topic, its always a good starting place to contact your local Bar Association.

Good luck.

New York's highest Court, the Court of Appeals, has clarified that an insured need not review its policy if it specifically asks the broker for a particular coverage, and has a right to bring an action against the broker for his failure to obtain such coverage, in its decision in American building Supply Corp. v. Petrocelli Group, Inc., which can be read by clicking here.

This is a scary decision because it will become a he said / she said battle of whether the specific coverage was, in fact, requested, which may be done orally, and it eliminates the duty on members of society (individuals and businesses) to read contracts and be presumed to understand its terms - this is a cleaner way for society to exist where one is responsible for his own contracts.

While the Court places the burden on the insured to prove that he requested the specific coverage, it will be hard to ascertain whether the coverage was specifically requested. In fact, the Court is clear to state that a general request does not create a duty in the broker to obtain the coverage. Yet, how specific must the request be? If you have ever spoken to a lay business owner or property owner you know that it's never as specific as you would like. This will become a ripe area for litigation as to whether the request was made and how specific it was made, which seems to require a trial as it will always be a question of fact.

Additionally, what this author thinks is wrong, an insurance broker does not have a duty to recommend coverage that is not requested, which is also a rule that is reaffirmed in this decision.