Delaware Business Insurance Update From CNC Insurance Associates " Flood Insurance Rethink on the Way? 6-6-17

From time to time I have discussed in this blog the issues with the flood insurance program run through the NFIP.  Those issues are at the forefront as Congress gets ready to reauthorize the program in the new budget. There are committees meeting as we speak trying to determine how much of the program can go into the private insurance market. The reason for this is to offset the losses the program has each and every year. Also there is talk about updating and improving the risk management profile of the program. In other words, many properties that are more exposed than others will need to comply with some risk management directives in order to participate in the flood program. Looking at the rates and the flood maps, which have been recently updated, is also on the table. Charging the appropriate rate for the exposure is paramount in fixing the continual losing of money and subsidizing of the costs.
As the reauthorization approaches, getting it right is paramount for the long term viability of the NFIP. Let's hope that all the experts and leaders in the industry can put together a plan that can keep this vital program affordable, and on solid ground as our economy needs it to be. Until next time be careful out there and know your risks.


G. Kevin Nemith, President CNC Insurance Associates & The Business Insurance Center
Serving DE, MD, PA, VA & NJ
www.cncinsurance.com
www.bizinsurancetv.org

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