Now that it's clear Congress won't be adding wind exposures to the National Flood Insurance Program anytime soon, should private carriers be forced to write coverage for both risks in one policy, and then have the government reimburse them for flood-related claims? That's the trial balloon being floated by one academic.
Rebecca Mowbray of the New Orleans Times Picayune filed a story on May 11, headlined “One-Stop Storm Policies Proposed,” that lays out the idea suggested by Adam Scales, an associate professor at the Washington and Lee School of Law in Virginia. (Click here for the full story.)
“Rather than having homeowners buy two policies–a flood policy from the government and coverage for fire, theft, liability and wind from a private insurance company,” reported Ms. Mowbray, “Prof. Scales advocates making [insurance] companies sell policies that would provide all the coverage people need and having the government reimburse the companies for flood claims.”
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.
