McCain Advocates Regional Alliance for Hurricane-Prone Areas
Republican presidential candidate John McCain on Monday in Florida to deliver a speech at the Veterans of Foreign War Convention and, in the midst of Fay's foray into the Sunshine State, stated that he sympathizes with homeowners battered by soaring insurance costs, but he was not prepared to endorse a national risk pool as a way to bring those prices down.
McCain instead said states threatened by the storms should form a regional alliance to protect themselves.
That's "something that, I think needs to be worked out particularly among the states ... that have hurricanes," McCain told reporters on his campaign bus from Orlando to Cocoa. "Why in the world," he asked, should states like Arizona and Montana bear the Gulf Coast's financial burden?
In his comments, McCain did not acknowledge that a national fund is supported by his chief Florida backers _ led by Gov. Charlie Crist _ as well as his Democratic rival, Sen. Barack Obama.
A catastrophe fund would provide back-up coverage once a state's insured losses exceeded a certain amount. Proponents say it would lower residents' insurance costs and ensure claims are paid after a major storm.
Published on August 20, 2008
Are you a retail Agent Looking for a Quote?