– Congress didn’t have comprehensive P&L on NFIP before passing BW-12.
– GAO said NFIP Financials were undecipherable.
– INS. management Cos. (Not the Agents) were paid 30% to 60%(WYO) commissions, management, and Legal fees,, with No Risk).
– New Orleans uninsureds were rebuilt and still don’t have insurance. ( Behind Federal built Levee, that didn’t and won’t hold. Insureds pay the Losses for the uninsureds.)
– EPA, Wildlife Foundation directed writing BW-12.
How does Congress know NFIP is actually in Debt (from paying excessive Commissions, and paying to rebuild Uninsureds), without Comprehensive Financials?
Bill Price
The soil cracked my foundation and damaged the structure. It wasn’t the 3′ floodwaters that sat in my house for 10 days according to Allstate. I wish there was soil insurance.
– Congress didn’t have comprehensive P&L on NFIP before passing BW-12.
– GAO said NFIP Financials were undecipherable.
– INS. management Cos. (Not the Agents) were paid 30% to 60%(WYO) commissions, management, and Legal fees,, with No Risk).
– New Orleans uninsureds were rebuilt and still don’t have insurance. ( Behind Federal built Levee, that didn’t and won’t hold. Insureds pay the Losses for the uninsureds.)
– EPA, Wildlife Foundation directed writing BW-12.
How does Congress know NFIP is actually in Debt (from paying excessive Commissions, and paying to rebuild Uninsureds), without Comprehensive Financials?
Bill Price
Thanks for the dirt and dope on BW-12, NFIP rates, and Nawlins’ reconstruction carelessness.
Lack of complete, comprehendable financial docs might imply the NFIP debt is not as bad as stated… but more likely; worse than stated.
WYO companies are lucky to keep 5% of the 30.7%. Agents get a minimum of 15%. Lowering the commission will not encourage sales.
The soil cracked my foundation and damaged the structure. It wasn’t the 3′ floodwaters that sat in my house for 10 days according to Allstate. I wish there was soil insurance.