Sen. Menendez Flood Insurance Reforms Gaining Support
Support continues to grow for comprehensive, bipartisan flood insurance reforms proposed this week by
"We hope that a move underway to curb insurer excesses in the future finds more success," stated the
On Tuesday,
Sens.
This comprehensive approach has already been endorsed by: Congressman
Full text of the editorial:
EDITORIAL: Give flood victims a fair shake
By Asbury Park Press Editorial Board
Many victims of superstorm Sandy have been cheated -- sometimes repeatedly -- by state and federal authorities as well as insurers. The list of abuses has been long and varied, from blatant underpayments to interminable delays.
Lawmakers have taken steps to try to correct the abuses, but in some cases those efforts have only led to further cheating. For an example, just look at the
We hope that a move underway to curb insurer excesses in the future finds more success.
The National Flood Insurance Program, which provides policies for hundreds of thousands of
Proposed changes unveiled during a news conference in
All of these measures come in response to the program's Sandy failures, which themselves were an overreaction to recovery efforts in the wake of Hurricane Katrina along the
We support the reforms. Even under ordinary circumstances insurers are notorious for finding loopholes to reduce or deny claims outright. A favored scam typically tucked away in fine print is an exception for damage in a storm caused by "earth movement" -- as if that movement is somehow unrelated to the rush of flood waters involved. Policyholders need help protecting themselves from these types of schemes, and Sandy was a sad reminder that insurers have no qualms victimizing homeowners who have already been victims.
Money is at the root of this particular evil, as usual, and the flood insurance program has long been plagued by financial concerns. But Sen.
Reforms would be welcome. So too would a more honest approach to helping those in need.
Argo Group International Holdings, Ltd. Files SEC Form 8-K, Current Report (Jun. 2, 2017)
Axa Equitable Life Insurance Co Files SEC Form 424B3, Prospectus [Rule 424(B)(3)] (Jun. 5, 2017)
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