A Community-Based Flood Insurance Option (2015) / Chapter Skim
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2 Workshop Topics and Presentations
2 Workshop Topics and Presentations
Pages 15-22
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From page 15... ...
These past experiences were shared by representatives from federal, state, local and private entities involved in flood insurance and the broader insurance sector. PRESENTATIONS AT JANUARY 2015 COMMITTEE MEETING During the January 2015 meeting, Brian Willsey and Andy Neal from FEMA, Washington, DC presented background information on the National Flood Insurance Program, and FEMA's interest in CBFI.
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From page 16... ...
Leonard Shabman explained that the NFIP was not designed to be an insurance program only, but rather an assistance program with insurance components for assisting with post-flood recovery, encouraging community floodplain management, and increasing awareness of flood risk. Community roles within the NFIP include adopting flood risk prevention and reduction efforts, cooperating in flood risk mapping and participating in the CRS.
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From page 17... ...
PANEL DISCUSSION I: COMMUNITY APPROACHES TO FLOOD INSURANCE André McDonald of the Fort Bend Flood Management Association from Texas began with a brief historical overview of flooding and efforts to 2 The presentation was initially presented by Michael DePue of Atkins at an Association of State Floodplain Managers conference on June 1-6, 2014.
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From page 18... ...
This practice tends to adversely impact flood insurance rate setting, because flood insurance premiums require accurate data. In addition, he suggested that FEMA be more flexible in designing and enforcing incentives and regulations.
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From page 19... ...
The private insurance sector cannot compete with public insurance programs that entail subsidies. He pointed out that some attention should be given to the role of supplementary coverage -- privately provided insurance that supplements governmentbased insurance.
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From page 20... ...
The approach to evaluating and rating an industrial complex, as well as how the private insurance sector works with the client on mitigation and other risk reduction has relevance to a CBFI option. Katherine Greig from the New York City Mayor's Office stated that effective and comprehensive risk communication is essential to the overall approach to managing flood risk.
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From page 21... ...
He suggested that, to the extent that affordability is an important consideration, the following actions merit further study: performing means testing; augmenting mitigation grants; employing larger deductibles; phasing in rate increases over long periods such as a decade or two, and escrowing insurance payments with mortgage payments. Sokolove asserted that communities are often reluctant to purchase flood insurance, which impose on them the responsibility for preventing and managing floods.
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From page 22... ...
Box 2-2 highlights the main topics that emerged from this second panel discussion. The discussion also revealed concern about (1)
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