WASHINGTON–In a victory for the insurance industry, the U.S. Senate Wednesday night soundly rejected efforts by coastal senators to add wind coverage to the National Flood Insurance Program.
The Senate voted, 73-19, against the wind provision, despite exhortations by senators from Mississippi, Louisiana and Florida about the importance of making homeowner's insurance coverage available and affordable to coastal residents in the wake of Hurricanes Katrina and Rita.
Such a provision is included in the House version of the bill, but a Government Accountability Office report and a message to the Senate by advisers to President Bush this week recommending a veto of the bill if it contained such a provision apparently weighed heavily on the final vote.
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.
