Insurance News

Posts Tagged ‘flood

Away from New Orleans, with its unique geography and dependence on levees, discussion of hurricanes inevitably turns to insurance. After Katrina struck in 2005, there was much talk about reforming insurance programs in coastal areas to protect taxpayers and promote responsible development.

By and large, much of this talk has remained just that. Several states — among them Mississippi, Louisiana and both Carolinas — have made important strides Read the rest of this entry »

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WASHINGTON ?After a lawmaker agreed to drop his objections, the Senate voted final approval last night for legislation that included a reauthorization of the National Flood Insurance Program.

Senate action followed an agreement by Sen. Jim Bunning R-Ky., to end his filibuster and allow the Senate to move forward with H.R. 4691, a composite spending measure that in addition to reviving the NFIP until March 28 extended several other Read the rest of this entry »

WASHINGTON?Congress? inability to renew the National Flood Insurance Program has potentially dire consequences, Federal flood agency management officials warned.

The NFIP was allowed to expire Sunday when a congressional appropriations bill that included the program was held up by Sen. Jim Bunning, R-Kentucky.

According to a memo written by officials of the Federal Insurance and Mitigation Administration/Risk Insurance Division, Read the rest of this entry »

WASHINGTON?Congress’ latest failure to give the National Flood Insurance Program a long-term extension is causing headaches for some risk managers.

The program, which provides up to $500,000 in property coverage for commercial structures and $500,000 in contents coverage, is used by some risk managers to provide a first layer of coverage on which larger limits can be stacked. But the NFIP, which dates back to 1968 as a means to encourage Read the rest of this entry »

WASHINGTON?Procedural roadblocks thrown up by Republicans to stop action on health care legislation in the Senate are putting the National Flood Insurance Program in jeopardy.

The program?s authorization runs out tomorrow, and the fact that the House has recessed until January has placed immense pressure on the Senate to act.

To deal with the issue, the House yesterday passed two bills, one extending the program until Dec. 23 through Read the rest of this entry »

Nearly four years after the devastation of Hurricane Katrina, researchers called on the federal government to upgrade its flood maps, arguing that the effort could save lives as well as stem losses to properties and businesses.

The Federal Emergency Management Agency’s flood insurance rate maps are used to set flood insurance rates, regulate development in flood plains, and let people know about the risk they face.

FEMA is wrapping Read the rest of this entry »