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#1744931 - 09/27/12 07:13 PM Acceptable as proof of coverage?
#12 Offline
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Flood rules allow either an application with proof of payment or a flood policy declaration page as acceptable proof of flood insurance coverage. I'm looking at something from an agent that states across the top: "Temporary Declaration - Pending Policy Issuance." Then a little farther down, states "Flood General Policy Declaration - New Business."

Acceptable?

I think it looks more like an application, and would like to require the banker to get a copy of the proof of payment. Any thoughts?
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Flood Compliance
#1744949 - 09/27/12 07:30 PM Re: Acceptable as proof of coverage? #12
WI Banker Offline
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Joined: Dec 2006
Posts: 253
Originally Posted By: #12
I think it looks more like an application, and would like to require the banker to get a copy of the proof of payment.


Agree.

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#1751096 - 10/22/12 04:05 PM Re: Acceptable as proof of coverage? #12
happyauditor Offline
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happyauditor
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NY
Someone is telling me that when a private flood policy is issued the carrier only issues a temporary dec page and it can take up to 30 days to receive the final dec page. I do not know enough about how carriers issue policies, but this is not sitting right with me. Does anyone know if this is true?
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#1751152 - 10/22/12 06:30 PM Re: Acceptable as proof of coverage? #12
SUSANE1 Offline
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What is the meaning of a Private flood policy? Like from Allstate or Travelers?

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#1751153 - 10/22/12 06:34 PM Re: Acceptable as proof of coverage? #12
Dani York, CRCM Offline
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Dani York, CRCM
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Typically, a private flood policy is a policy not issued through the NFIP. The only carrier I know of is Lloyd's of London, but I'm sure there are others. Allstate and Tranvelers both issue SFIPs which are underwritten using the NFIP standards (I think I have that right). These are know as WYO (write your own) policies.

As to the temporary dec page question, if the policy is new, you will not get a dec page when the policy is issued. The official dec page is issued within 30 days of application and payment, and that is typically mailed from the insurers main office, not through the agent's office. If you are accepting proof at the purchase of the policy, you will want a copy of the application and proof of premium payment.
Last edited by Dani York; 10/22/12 06:35 PM.
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#1751210 - 10/22/12 08:46 PM Re: Acceptable as proof of coverage? #12
happyauditor Offline
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Thanks Dani, my mistake, I should have said WYO policy (not private).

Would you consider the temporary declaration page an "application" and acceptable evidence of insurance if accompanied by proof of payment?
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#1751282 - 10/23/12 12:30 PM Re: Acceptable as proof of coverage? #12
Dani York, CRCM Offline
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Dani York, CRCM
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TN
Nope, I want the actual 4 page application with receipt or a real dec page, but I'm a harda$$ when it comes to flood insurance. Had way too many things go wrong trusting insurance agents.
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I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.

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#1751380 - 10/23/12 02:08 PM Re: Acceptable as proof of coverage? #12
happyauditor Offline
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happyauditor
Joined: Nov 2004
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NY
I agree Dani, thanks!
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