Take a look at the “blame game” in action in this story from the Insurance Journal.
A Mississippi congressman on Tuesday reintroduced legislation that would add wind coverage to the National Flood Insurance Program—something the industry said is already widely available in the private sector and would be unnecessarily costly to taxpayers.
The legislation, the Multiple Peril Insurance Act, is sponsored by Rep. Gene Taylor, D-Miss., the primary sponsor of similar legislation in the last Congress.The bill was added as an amendment on the House floor to the Flood Insurance Reform and Modernization Act of 2007, which passed the House overwhelmingly, but which failed to win support in the Senate.
Its inclusion in the House bill is the primary reason a stalemate holding up reauthorization of the NFIP has existed since last September.
Makes you want to say, “Well, excuse me but wind v water policy disputes are holding up the recovery from Hurricane Katrina.” Congressman Taylor’s website with background information on the legislation features a “hall of shame” – “before and after” photographs of 10 damaged properties with coverage that paid not a dime until the homeowner/policyholder filed suit. Continue reading “What a surprise! Insurance industry opposed to HR1264!”