RIMS Warns of the Consequences of the National Flood Insurance Program Expiration

WASHINGTON, Aug. 16 -- The Risk and Insurance Management Society issued the following news release:

RIMS, the risk management society (TM), delivered a message to its U.S. membership of risk management and insurance professionals, calling on them to support the Society's push for the reauthorization of the National Flood Insurance Program (NFIP). According to the Society, the program's expiration on September 30, 2017 would leave many businesses with significant lapses in flood coverage, difficulty in procuring affordable coverage and uncertain of current and future flood regulation within their jurisdictions.

Currently, the House and Senate have combined to introduce a number of bills intended to reauthorize and improve the program. However, differences in the bills must be agreed upon before the deadline is reached. RIMS is seeking a long-term solution that includes provisions that continue to allow organizations to effectively manage flood risk.

"For thousands of organizations, the reality that access to affordable flood insurance might disappear and that their businesses would instantly become susceptible to destruction caused by flooding is unacceptable," said RIMS Vice President Robert Cartwright, Jr. "RIMS has launched a grassroots effort to ensure that the commercial insurance buyer's voice is heard and that legislators are reminded of the consequences of the NFIP's expiration and the need for expedient action."

Starting the Wednesday, August 23, RIMS' Political Action Committee (RISK PAC) will begin soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit www.riskpac.org.