Who and what is acceptable styling for the “insured’s” name on a flood insurance policy?

If the property is deeded to John C. Smith and Mary E. Smith is it okay to accept a policy that says “John Smith?”

I thought that I read somewhere that the insured should be styled the same as the people in title…

Thanks!

Bump!

Do you think I am nitpicking on this?

Is this an insurance or policy/procedures question?

Thank you!

FYI - These directives are from Export-Support@nfipstat.com
These folks got back to me in less than 24 hours - impressive!


"The named insured(s) should appear in the same manner as for any property & casualty insurance policy. If building coverage is being purchased, then yes, the name(s) should reflect the manner in which the deed is filed. If the insured is purchasing only contents coverage, the name should be in the same manner as their other legal documents.

In some cases, there are more names than the policy fields permit entry. In those cases, each Write Your Own (WYO) company and the NFIP servicing agent has procedures for how the named insured(s) should appear on the flood insurance policy. For example, the policy may list two or three names and then have “et al” to indicate there are others and they would have all insureds on file.

FYI, in the case of a spouse, the spouse is provided coverage on the policy whether specifically named or not. However, only those whose names appear on the policy would appear on a loss settlement check in the event of a claim (as well as a loss payee, such as a lender).

In the case where you have John R. Smith and Michael K. Nesbitt, both should be able to be reflected.

The FEMA web site has many resources for all audiences interested in the NFIP. Please see http://www.fema.gov/business/nfip/ and http://www.FLOODSMART.gov.

Thank You,
The NFIP Help Center / KBS"

- a year later.

Similar situation, our customer is in title and is on the note and mortgage. Property is in a flood zone.

Our customer has the property leased out and the flood insurance policy names the tenant as the "insured."

We are named as mortgagee or "loss payee." We do not have contents as collateral.

I don't think this is good, but have been advised that if we are loss payee/mortgagee we will be OK.

Do you agree?

Thanks!

The tenant does not have an insurable interest in the property - they have a leasehold interest.

IMHO, it is not correct - your customer would incur the loss in the event of a flood. The tenant would have an inconvenience.

Thank you SB - love your signature line