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V O L . X X X N O. X X V I I D E C E M B E R 2 , 2 0 2 4 18 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S and community development and the commissions co-chair. "As we trav- eled the state, one message became resoundingly clear — climate change is harming the daily lives and future prospects of Maine people, and our communities need help." e commission recently issued an interim report with recommenda- tions to strengthen communities and infrastructure against future extreme storms (see sidebar on page 17). Role of insurance Flood insurance could play more of a role in the recovery mix, if more people adopted it, commission members said. Standard residential homeowners and commercial policies contain exclu- sions for water-related damage that are more extensive than most realize, says Bob Carey, superintendent of the Maine Bureau of Insurance. Exclusions include direct or indirect losses caused by things like flooding, spray and below-ground seepage. After last winter's storms, the bureau received over 100 complaints from standard policyholders who had claims denied for situations such as storm surge causing dock collapses and building loss. » C O N T I N U E D F RO M P R E V I O U S PA G E P H O T O / C O U R T E S Y T OW N O F S T O N I N G T O N P H O T O / C O U R T E S Y T OW N O F S T O N I N G T O N P H O T O / C O U R T E S Y T OW N O F S T O N I N G T O N Fifield Point Road in Stonington saw severe flooding. The state committed $60 million in storm relief for working waterfronts, infrastructure projects and business recovery. In Stonington, Oceanville Road was overwhelmed by rushing rapids. Devastating storms in December 2023 and January 2024 caused over $90 million in damage to public infrastructure across the state, including the public pier in Stonington, seen here.

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