First American Flood Data Services Receives Certification from the National Flood Determination Association
|February 10, 2005|
AUSTIN, Texas, /PRNewswire-FirstCall/ -- First American Flood Data Services has been certified by the National Flood Determination Association (NFDA), a nonprofit industry trade group that helps define industry guidelines and promotes best practices among its member companies.
The certification is the result of a rigorous examination process that evaluates flood zone determination companies on seven key criteria: accuracy, business recovery capabilities, experience, financial viability, training, quality assurance and record-keeping. To date, only 10 of the 26 NFDA member companies have met the requirements for certification.
"Completion of the initial NFDA certification cycles is a significant milestone within the flood zone determination industry," said Vicki Chenault, president of First American Flood Data Services. "We're pleased that First American is among the first group of applicants to become NFDA certified. This certification provides a third-party validation of the high standards we already maintain. It also establishes an industry-wide benchmark of quality. First American's ongoing goal, however, is to deliver an elevated level of performance that exceeds the NFDA standards."
The certification process involves peer and independent auditor reviews to validate a company's performance. A statistical sample of flood zone determinations over a 1-year period is audited for accuracy and must meet the NFDA's 99 percent accuracy standard. The independent auditor reviews each applicant company's business recovery plan, training program, quality assurance program and record keeping procedures. The company must also demonstrate the presence of adequate insurance, reserves and other measures of ability to meet financial obligations. The certification program recognizes companies that operate within NFDA guidelines, which are designed to promote high standards of performance within the industry.
Source: First American