Insurance, Risk Management: March 2008 Archives
Storm Over Adding Wind Coverage to Federal Flood Insurance:
"Congress is seriously considering taking insurance coverage for wind
damage away from private insurers. Lobbyists for the industry are battling
to keep the business where it is. The tug of war began in 2005 with
Hurricane Katrina, which destroyed the homes of Rep. Gene Taylor (D) and
some of his relatives and friends in Bay St. Louis, Miss. Taylor was and
remains irate that he and others were compensated only for flood damage and
not -- until they sued -- for the ravages of wind. ... Taylor wrote
legislation that would add wind damage to the flood coverage that is
already underwritten by the federal government. His proposal passed the
House of Representatives last year as part of a broad renewal of the
soon-to-expire National Flood Insurance Program. The plan, which is backed
by Gulf-state lawmakers and House Democratic leaders, is pending in the
Senate."
Columnist Jeffrey H. Birnbaum writes for the Washington Post
March 25, 2008.
"Congress is seriously considering taking insurance coverage for wind
damage away from private insurers. Lobbyists for the industry are battling
to keep the business where it is. The tug of war began in 2005 with
Hurricane Katrina, which destroyed the homes of Rep. Gene Taylor (D) and
some of his relatives and friends in Bay St. Louis, Miss. Taylor was and
remains irate that he and others were compensated only for flood damage and
not -- until they sued -- for the ravages of wind. ... Taylor wrote
legislation that would add wind damage to the flood coverage that is
already underwritten by the federal government. His proposal passed the
House of Representatives last year as part of a broad renewal of the
soon-to-expire National Flood Insurance Program. The plan, which is backed
by Gulf-state lawmakers and House Democratic leaders, is pending in the
Senate."
Columnist Jeffrey H. Birnbaum writes for the Washington Post
March 25, 2008.
