Business Groups Applaud Congressman John Campbell (R-CA) for Considering Community Interests In...

WASHINGTON -- The Natural Catastrophe Policyholders Coalition (NCPC) applauds Congressman John Campbell (R-CA) for his leadership in offering an important and forward thinking amendment to H.R. 3355, the Homeowners' Defense Act.

Congressman Campbell's amendment aimed to help

our local businesses obtain property and casualty insurance and our communities rebuild after a major natural disaster. Based upon Chairman Barney Frank's (D-MA) commitment to work with Congressman Campbell and hold a hearing on this important issue in early 2008, the amendment was withdrawn from further floor consideration. NCPC looks forward to working with Rep. Campbell, Chairman Frank and other members of the House Financial Services Committee to address the needs of commercial policyholders in disaster prone areas.

While NCPC supports the intent of HR 3355 to address the availability and affordability of homeowners' insurance coverage for catastrophic events, this legislation currently lacks appropriate attention to the difficulties of commercial property owners in securing insurance at affordable rates in natural disaster prone areas. In offering his amendment, Congressman Campbell has pointed out that neighborhood retailers, churches, hospitals and apartments are also being squeezed by higher insurance rates and has suggested a way to help make sure that important community interests are not forgotten.

"Homeowners coverage becomes less important if you don't have businesses and a local economy to provide jobs and serve the community," said Brendan Reilly, senior vice president of government relations for the Commercial Mortgage Backed Securities Association, which represents the commercial real estate finance industry.

The NCPC is an alliance of groups who have joined together to address issues related to the availability and affordability of catastrophe insurance.

For more information on NCPC and our position related to catastrophic insurance legislation, please contact Martin DePoy, MDePoy@bockornygroup.com