PIA National Instant Update: Insurance Regulatory Reform & NFIP (11/4/09):
PIA supports comprehensive reforms to the National Flood Insurance Program (NFIP). PIA:
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Opposes the addition of multiple peril (wind) coverage to the NFIP.
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Supports multi-year authorization of NFIP by Congress, in this case five years, in order to operate a balanced, consistent program.
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Supports the forgiveness of the NFIP’s debt, currently at $18.75 billion.
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Supports coordinated flood coverage for commercial policies in the area of business interruption insurance (BII). BII is currently only available in the private sector property market on a “covered peril” basis.
To learn more about PIA's position on the National Flood Insurance Program, read the March 2010 NFIP PIA Position Paper (PDF file).
