The Senate Banking Committee is being urged to drop a provision in flood-insurance legislation that would require homeowners and businesses to purchase federal flood coverage even if their properties are protected by levees.
“Areas protected by properly constructed and maintained levees, dams and other flood-control infrastructure should not be arbitrarily declared areas of special flood hazard,” reads a letter to the committee from 13 senators on both sides of the aisle.
Others vocally disagree. Ray Lehmann, a vice president of the Heartland Institute, which consults with the insurance industry on catastrophe issues, said levees and other mitigation structures sometimes fail, and it is irresponsible public policy not to recognize that reality.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
