RIMS: NFIP extension avoids risky lapse in coverage

US risk management society, RIMS, has welcomed Friday's extension of the National Flood Insurance Program, as the expiring legislation was included in Congress’ Continuing Resolution.

The NFIP extension was a RIMS legislative priority and a key issue addressed during the more than 20 Congressional Office meetings held during RIMS Legislative Summit.

“Since 2018, every single US State has experienced a flood emergency,” said RIMS president Patrick Sterling. “Risk professionals count on the National Flood Insurance Program to protect our organisations’ assets and to remain in good standing with our commercial real estate contracts. RIMS is encouraged by this bi-partisan effort and will continue to work with our partners on Capitol Hill to support the development of a longer-term extension in December.”

“The extension of the NFIP is a shining example of the value of RIMS advocacy,” said RIMS CEO Gary LaBranche. “Risk professionals from across the U.S. met at RIMS Legislative Summit and effectively voiced their concerns and priorities to their representatives. Working together, the RIMS community can impact change and empower risk leaders to help make the world safer, more secure, and more sustainable.”

The NFIP is extended until 16th December 2022.

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