48.164.005 - Purpose. - Washington Statutes

Purpose. (Expires December 31, 2016.)

Availability of insurance for loss arising from flooding in the geographical area protected by any dam is vital to the economy of the state of Washington. If adequate property insurance for loss arising from this flood is not available, the security of citizens' property and the viability of business operations and services are threatened. This chapter gives the commissioner authority to ensure continued availability of excess insurance to insure property at risk from, and business that is interrupted by, flood arising from the failure of a dam or from efforts to prevent the failure of a dam. The commissioner may establish a temporary joint underwriting association for excess flood insurance to insure property at risk from, and business that is interrupted by, flood arising from the failure of a dam or from efforts to prevent the failure of a dam if:

     (1) Excess flood insurance of a particular class or type is not available from the voluntary market; or

     (2) There are so few insurers selling excess flood insurance that a competitive market does not exist.

     The commissioner may use appropriated funds as needed to establish and supervise the association.

[2010 c 230 § 1.]