Legislation introduced in the Senate on July 29, which would split the difference on "wind vs. water" claims after a hurricane, appears to be generating little support within the P&C insurance industry.
Moreover, Rep. Gene Taylor, D-Miss., also doesn't appear to be accepting the legislation as an alternative to his House bill that would add windstorm coverage to the National Flood Insurance Program (NFIP).
The Senate legislation was introduced by Sen. Roger Wicker, R-Miss. Under the bill, should a "wind vs. water" claim arise with no agreement on how to divide the claim, then the policyholder would immediately receive 50 percent of the claim payout from the NFIP and 50 percent from the wind insurer — either a private insurer or state wind pool. The claim would then go to an arbitration panel to settle the differences between the NFIP and the wind insurer.
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