Jan 11, 2013

PIANY applauds NYS 2100 Commission insurance recommendations

PIANY applauds the preliminary report and recommendations released today by the NYS 2100 Commission designed to strengthen and make more resilient the states infrastructure in the face of another catastrophe. PIANY listened intently as Gov. Andrew Cuomo outlined his plans in the State of the State this week to implement and accelerate the development of more resilient critical infrastructure systems and we look forward to working with the governor and Legislature to put these plans into place to help protect New York from future storms and natural disaster.

PIANY supports the commissions reports that recommend changes in how insurance responds to natural disaster, including increased consumer awareness and education; preventing underinsurance for flood risk; expanded coverage for business interruption; and establishment of a Comprehensive Insurance Emergency Measures Act.

Specifically, PIANY supports increased investment in and tax-exemptions for mitigation to reduce future losses and increases in premiums and property taxes, increased consumer education and disclosure initiatives aimed at providing clarity and transparency for consumers, surveying the amount and types of coverage purchased by homeowners and developing strategies for increasing take-up rates of flood insurance and other coverage, authorizing expanded "civil authority" lines of business interruption coverages available to businesses and promoting a comprehensive insurance emergency measures act to help consumers and insurers handle the challenges faced during and after a natural disaster, including uniform access rules for claims adjusters statewide to reduce one of the major obstacles to getting claims adjusters to where they are needed most in the early days post-disaster (an initiative PIANY has advocated for and consistently supported).

To see the full NYS 2100 Commission report, click here.