Marshall & Sterling Insurance June, 2016 | Page 3

House Passes Private Flood
Insurance Bill
The U.S. House of Representatives recently passed the Flood
Insurance Market Parity and Modernization Act, a bill that could
open up the market for more private insurance companies to offer
flood insurance. The bill had massive bipartisan support and passed
by a vote of 419-0. It now advances to the Senate.
Currently, certain homeowners with federally backed mortgages are
required to buy federal flood insurance. The bill would allow private
flood insurance to be treated the same as federal flood insurance by
those lenders, as long as the coverage is at least as extensive as that
offered by federal flood insurance.
Supporters of the bill hope it will spur competition and provide
alternatives for approximately 5 million property owners, as well as
ease some of the $23 million debt currently saddled by the National
Flood Insurance Program.
Your partners at Marshall & Sterling Upstate, Inc. will keep you
updated if and when there are further developments with this
legislation.

Global Drone Market Will Near $130
Billion in 2020
According to a new report published by PwC, the global market for
commercial drone technology could soar from its current level of $2
billion to approximately $127 billion by 2020. The falling costs of
drone technology, increased demand for commercial drone services
and easing legal restrictions are all expected to contribute to the
boom.
Currently, Poland is leading the charge in drafting legislation on the
commercial use of drones. Many companies hope to use them in
applications as diverse as evaluating insurance claims, filming movies
and television programs, and surveying and treating crops.
Commercial drone regulations are still very strict in the United
States. For more information about the risks associated with drones,
contact us at 800-724-0695 today.

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