US flood plan extended
It wasn’t the biggest piece of legislation the US Congress pondered last week, but its passage was at least quick and well received. Insurers and intermediaries have applauded the temporary extension of the National Flood Insurance Program (NFIP), saying it gives vital confidence to property owners in US hurricane zones.
The program had been due to expire on September 30, just four months into the six-month Atlantic hurricane season. The Independent Insurance Agents and Brokers of America (better known as “the Big I”) says the extension is a welcome development for consumers.
“If the NFIP were allowed to expire, millions of consumers and small businesses would be left unprotected from the damage of flooding,” CEO Robert Rusbuldt said.
The program has been extended to March 6 next year. In the meantime, both Congress and the US Senate will debate the Flood Insurance Reform and Modernisation Act, which would keep the program running for a further five years.
The program had been due to expire on September 30, just four months into the six-month Atlantic hurricane season. The Independent Insurance Agents and Brokers of America (better known as “the Big I”) says the extension is a welcome development for consumers.
“If the NFIP were allowed to expire, millions of consumers and small businesses would be left unprotected from the damage of flooding,” CEO Robert Rusbuldt said.
The program has been extended to March 6 next year. In the meantime, both Congress and the US Senate will debate the Flood Insurance Reform and Modernisation Act, which would keep the program running for a further five years.