Mid-Day Update on Flood Insurance--Senators Need to Work and Get This Done
The United States House of Representatives has unanimously passed a bill reinstating and extending the National Flood Insurance Program until September 30, 2010, according to an article in the National Underwriter, New NFIP Extension Bill Passes House; Senate Action Uncertain. The bill (H.R. 5569) will be sent to the Senate for further action. My suggestion in Flood Insurance is Harder to Find and Politics is One Reason was to call all Congressmen. Now we are down to just the Senators that need to get their act together.
It is obvious that the insurance community understands the importance of flood insurance:
The National Association of Professional Insurance Agents (PIA) sent a letter to the Senate June 18 urging prompt action on the extension and noting that the NFIP “has slipped into a hiatus.”
PIA National President-elect Brian Marino, co-chair of PIA National’s working group on natural catastrophes, said, “This is a serious situation and the lack of action by Congress is irresponsible.”
He added, “Since the NFIP lapsed, 20 people lost their lives in flash floods in Arkansas, and in May, 29 people were killed in extreme flash flooding in Tennessee, Mississippi and Kentucky. Property damage was extensive everywhere. Allowing the flood insurance program to lapse is just not an acceptable option.”
Mr. Marino added that while no new policies can be issued during a lapse in NFIP authorization, consumers with current flood insurance policies remain covered. Claims payments are not affected.
We will keep up on this important topic.
My question deals with an issue that is scheduled to start somewheres around July 1st. The EPA has instituted new rules for testing and remdiation of Lead based paints in RESIDENTIAL, COMMERCIAL AND EDUCATIONAL CENTERS. The first question is since this will be required for ALL repairs, restoration, modifications done on buildings constructed prior to 1978, country wide, how will this effect the insurance claim?
Will it in fact be covered under an HO3 that suffers a claim which requires REPAIRS?
Your learned thoughts would be most appreciated and valued.
See you are FAPIA
Any ideas when this could hit the senate floor?
I have been waiting patiently to close for to long and I'm afraid the June 30th deadline is out of the question for me.
At least it has finally been broken off the tax extender bill.