Assemblyman Phil Goldfeder
Mach 16th, 2015
Senator James Seward, Senate Insurance Committee Chair introduces companion bill to landmark flood insurance proposal
Seward’s district includes upstate communities impacted by flooding during Hurricane Irene in 2011
Rockaway Beach, Queens – In a major step forward in the proposal to create the New York Flood Insurance Association, Assemblyman Phil Goldfeder (D – Rockaway Beach) today announced that his legislation to establish the joint underwriting association and protect struggling families faced with rising flood premiums has been sponsored in the New York State Senate by Senator James Seward. The veteran lawmaker chairs the influential State Senate Standing Committee on Insurance.
"It's an honor to have the support of such a great advocate for better insurance company practices like Senator James Seward," said Assemblyman Phil Goldfeder. "The New York Flood Insurance Association will finally rid us of the dysfunctional FEMA National Flood Insurance Program and give our families the protection they deserve against rising insurance premiums and unfair provider practices. I look forward to working with Senator Seward and with all my colleagues in the legislature to see to it that we make this Association a reality."
Last week, Seward introduced Senate Bill S4222-2015, the Senate companion to Goldfeder's Assembly Bill A5638-2015 to create the New York Flood Insurance Association. Seward is the Chair of the Senate Standing Committee on Insurance, as well as Senate Assistant Majority Leader on conference operations, a role that has him working with the leadership to set legislative priorities and direct bills to the floor for vote.
The fifteen-term Republican legislator represents the 51st District, a large portion of upstate stretching from the Finger Lakes Region down to the Catskill Mountains. The district includes many communities impacted in 2011 by Hurricane Irene, which left 300,000 upstate homes and businesses without power and caused heavy flooding to the area. According to reports at the time, New York Governor Andrew Cuomo labeled the small Greene County town of Prattsville, NY in Seward's district the place hardest hit by Irene's floods in the whole state.
The legislation proposed by Goldfeder amends New York State insurance law to create the New York Flood Insurance Association as a choice for consumers when flood insurance is unaffordable or difficult to obtain. The Association includes provisions to help keep costs low for both policyholders and insurers, and would serve to combat many of the issues homeowners have faced after major flooding events. Following Sandy, families found their insurance claims contested by providers, with some even experiencing allegedly fraudulent practices on the part of insurance adjusters.
Great, but will FEMA allow this alternative? What happens if there is a mortgage with the SBA on the property? This should not be an insurer of last resort, but rather it should be a viable alternate option for people fed up with NFIP.
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