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Committee approves flood insurance renewal for Tuscaloosa Rivermarket after premium increase
Summary
The Insurance & Litigation Committee approved renewing the National Flood Insurance Program policy for the Tuscaloosa Rivermarket after Scott reported the annual premium rose from $11,423 to $13,528; committee vote recorded as passage, tally not specified.
The Insurance & Litigation Committee voted to approve renewal of the flood insurance policy covering the Tuscaloosa Rivermarket after being told the annual premium rose to $13,528 from $11,423 the previous year.
Scott told members the increase—about $2,100—was consistent with recent trends and that private flood coverage is not available for the property. "This is from the National Flood Insurance Program. It's the only game in town," he said.
The committee moved and seconded approval of the renewal and the resolution passed after members responded "aye" when the chair called the vote. The transcript does not record a roll-call tally or names of the mover and seconder.
The decision keeps the property insured under the federally administered program while officials continue to monitor premium changes and other insurance-market developments. Scott said no other renewals are expected before the committee’s next meeting but that additional items could appear on the June 30 agenda.
The committee adjourned after completing the item.
