AIA’s Racicot Commends Senate’s Decision to Reject Adding Wind Coverage to NFIP
Governor. Marc Racicot, president, American Insurance Association (AIA), yesterday said the U.S. Senate made the wise choice in defeating an amendment that called for adding wind coverage to the National Flood Insurance Program (NFIP). Mr. Racicot’s statement follows:
“We applaud the Senate for its sound and reasonable decision not to add wind coverage to the NFIP, and thereby not increase the burden on American taxpayers who already are shouldering the program's $17 billion flood insurance deficit.
“Private insurers remain able to cover homeowners and businesses in the path of potential storms through the private market. Adding wind coverage to the federal flood insurance program is not needed, given that there is adequate wind coverage capacity in every state through either the traditional private market, or state residual markets backed by private insurers."
Source: Source: AIA Press Release | Published on May 9, 2008
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