The American Property Casualty Insurance Association (APCIA) urges lawmakers to include in legislation the bonding of infrastructure investments for payment and performance of public-private partnership (P3) projects.
Bonding requires a prequalification process and mitigates the financial risk in large and complex public infrastructure projects.
The association also supports a requirement for bonds for P3 infrastructure projects financed using Transportation Infrastructure Finance Innovation money.
“Insurers are committed to keeping families, individuals, and businesses safe, protecting lives and property, and mitigating risk,” Nat Wienecke, APCIA senior vice president of federal government relations, said. “APCIA supports H.R. 1641/S.638, introduced by Sen. Chris Van Hollen (D-MD), Sen. Mike Rounds (E-SD), Rep. Stephen Lynch (D-MA), and Rep. Troy Balderson (EROH), which offers a bi-partisan and bi-cameral solution to bonding public-private partnership infrastructure investments.”
In addition, the association supports the inclusion of federal, state, and community-based road and auto safety provisions in any surface transportation reauthorization bill this year.
APCIA is a 150-year-old organization promoting and protecting the viability of private competition to benefit consumers and insurers. It is the primary national trade association for home, auto, and business insurers, representing consumers and insurers worldwide. It regularly provides safety resources to lawmakers, the media, and consumers.