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Code · BILL · 116th Congress · S. 2187 (Introduced in Senate) — To reauthorize the National Flood Insurance Program, and for other purposes. · Sec. 105

Sec. 105. Study on business interruption coverage

286 words·~1 min read·/bill/116/s/2187/is/section-105

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The Administrator shall conduct a study on the feasibility and soundness of offering coverage for interruption business losses caused by a flood under the National Flood Insurance Program (referred to in this section as business interruption coverage ). In conducting the study under subsection (a), the Administrator shall, at a minimum— evaluate insurance industry best practices for offering business interruption coverage, including the types of coverage provided and the utilization rate; estimate the potential risk premium rates for business interruption coverage based on the flood risk reflected in the flood insurance rate map or other risk metrics in effect at the time of purchase; analyze the operational and administrative expenses associated with providing business interruption coverage and adjusting claims; identify potential obstacles that may prevent the Administrator from offering business interruption coverage; evaluate the benefits of providing business interruption coverage; analyze any potential impacts on the financial position of the National Flood Insurance Program; and develop a feasibility implementation plan and projected timelines for offering business interruption coverage.
In conducting the study under subsection (a), the Administrator may accept and utilize the personnel and services of any other Federal agency, and appoint and fix the compensation of temporary personnel without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, or employ experts and consultants in accordance with the provisions of section 3109 of such title, without regard to the provisions of chapter 51 and subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates.
The Administrator shall complete the study required under subsection
(a)not later than September 30 of the second full fiscal year after the date of enactment of this Act.
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