Flood insurance program ends
May 4, 2012 · 11:08 AM
A temporary state program set up to help Green River Valley business owners find flood insurance coverage has ended, now that insurance is once more available.
“We’re confident that area businesses seeking flood insurance are again able to find it,” said state Insurance Commissioner Mike Kreidler. “And as always, I continue to urge anyone in a flood plain to strongly consider the National Flood Insurance Program or other flood coverage.”
In 2009, multiple businesses in the Green River Valley, in south King County, reported difficulty finding flood coverage due to concerns about slumping in an earthen abutment to the Howard Hanson Dam.
Kreidler pressed for legislation granting him additional authority, if needed, to order insurers to sell flood coverage. As it turned out, insurers voluntarily agreed to form a “market assistance plan” and offer coverage to businesses if needed.
The U.S. Army Corps of Engineers tested and repaired the dam. In September 2011, the Corps announced that it was confident again operating the dam at its full flood storage capacity.
“The market assistance plan was always designed to be a temporary measure, and it served its purpose,” said Kreidler. “It was important to stabilize the insurance market so that this key industrial and distribution area was protected from catastrophic risk.”
Kreidler is dissolving the market assistance plan.