Legislation introduced in the House last week that would expand the authority of risk retention groups to provide commercial property insurance to members is drawing strong support from risk managers eager for an additional coverage option if another major catastrophe strikes.
One of the key justifications for the legislation is to help coastal communities increase capacity to insure businesses for catastrophe coverage, with the commercial insurance market yet to fully recover from the impact of Hurricane Katrina in 2005, according to advocates of the bill.
Risk retention groups are currently limited to providing liability coverage.
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