Task Force on Disaster Insurance Coverage
Scope Statement
Insurance Coverage of Property damaged by Disasters, including Hurricanes, Tropical Storms, Flooding, Earthquakes, Fires, and Terrorist Acts has become a highly visible part of the property and casualty insurance industry. Many claimants are dissatisfied with the way insurers are handling these claims. Many insurers are seeking to reduce their exposure to large losses associated with catastrophic claims related to natural disasters and terror attacks.
Legislatures have taken on the responsibility of creating markets they believe are underserved by insurance companies, and are considering governmental risk pools, coverage and reinsurance to deal with the political implications of coverage limitations and skyrocketing premium increases.
This Task Force was created to utilize the knowledge and experience of lawyers, professors and insurance professionals in analyzing the data and coming to conclusions to explain the current circumstances, and in creating creative solutions to the problems created in the disaster coverage industry. We will seek data from insurers and reinsurers, and their trade associations, insurance producers, state insurance regulators, federal flood insurance representatives, builders and developers, and mortgage lenders. Governmental regulatory and legislative actions, common law aspects of this insurance coverage, and proposed solutions will also be addressed as this Task Force studies and reports on these issues.
