"Write Your Own (WYO) insurers' first priority is our policyholders," said Griffin. "We want a program that works to protect policyholders and that is simple enough for everyone in the marketplace to understand; so that consumers know what they need to buy, agents can explain how the coverage works, and insurers can correctly service the program.
Griffin highlighted several lessons learned from Superstorm Sandy and potential areas of reform in his testimony. "In the immediate aftermath of a natural catastrophe it is critical for local, state, and federal officials to coordinate their efforts to get basic services up and running as quickly as possible so that people can get back to their homes and businesses to begin remediation and rebuilding. Also, an issue that arose with Superstorm Sandy, was the lack of available flood insurance adjusters, and that can delay the claims settlement and the rebuilding process."
In addition, Griffin says, "preparation is a key factor in minimizing financial loss after a natural catastrophe. PCI promotes strong building codes and responsible land use policies, which are crucial for all stakeholders, to promote public safety and to be as prepared as possible for the next hurricane, tornado, or flood disaster. Also, consumers need to be educated about the importance of having flood insurance and encouraged to continue purchasing it."
Griffin also announced that PCI will be hosting a national flood conference next year in DC with
PCI members include two-thirds of the WYO insurers that partner with
Griffin's written testimony is attached.
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