§ 22:1341 — Definitions

Louisiana § 22:1341

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§1341. Definitions
For purposes of this Subpart, the following definitions apply:
(1) "Flood" means a general and temporary condition of partial or complete
inundation of two or more acres of normally dry land area or of two or more properties, at
least one of which is the policyholder's property, from any of the following:
(a) Overflow of inland or tidal waters.
(b) Unusual and rapid accumulation or runoff of surface waters from any source.
(c) Mud flow.
(d) Collapse or subsidence of land along the shore of a lake or similar body of water
as a result of erosion or undermining caused by waves or currents of water exceeding
anticipated cyclical levels that result in a flood as defined in this Paragraph.
(2) "Hurricane" means a storm system that has been declared a hurricane by the
National Hurricane Center of the National Weather Service.
(3) "Named storm" means a storm system that has been declared a named storm by
the National Hurricane Center of the National Weather Service.
(4) "Residential flood coverage" means insurance for the peril of flood for
homeowner's, condominium owner's, renter's, and tenant's dwelling, mobile home, and
manufactured housing, and similar policies.
(5) "Separate named storm or hurricane deductible" means a deductible that applies
to flood damage incurred during a named storm or hurricane and may be expressed as a
percentage of the insured value of the property or as a specific dollar amount. All of the
following shall apply to a separate deductible:
(a) The insurer shall not apply the separate named storm or hurricane deductible in
addition to another deductible.
(b) There shall be one separate named storm or hurricane deductible in a calendar
year, which shall apply to all named storm or hurricane losses during the calendar year.
(c) The insurer may apply to later flood loss events the greater of the remaining
amount of the separate named storm or hurricane deductible or the amount of any other
standard flood deductible.
(d) The insurer may require policyholders to maintain receipts or other records of
such losses in order to apply such losses to a subsequent flood loss incurred during a named
storm or hurricane claims.
(6) "Standard flood deductible" means a deductible that applies to flood damage
incurred during any event and may be expressed as a percentage of the insured value of the
property or as a specific dollar amount.

Legislative History

Acts 2021, No. 77, §1, eff. Jan. 1, 2022.