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#1760608 - 11/26/12 03:48 PM Binder in file
SUSANE1 Offline
Platinum Poster
Joined: Mar 2008
Posts: 808
I know this topic has been discussed but I can't find it, so I am asking --- all I see in a new file is an Insurance Binder for flood coverage. Is this sufficient? The binder says effective 11/02/2012 with an expiration of 11/02/2013.

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Flood Compliance
#1760609 - 11/26/12 03:50 PM Re: Binder in file SUSANE1
manimal Offline
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manimal
Joined: Feb 2008
Posts: 2,207
Deleted
Acceptable proof of flood insurance coverage can be either:

1) A copy of the Flood Insurance Application AND premium payment, or

2) a copy of the Flood Insurance Declarations page.

I hope this helps!
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#1760611 - 11/26/12 03:51 PM Re: Binder in file SUSANE1
Dani York, CRCM Offline
Power Poster
Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
From page 26 of the Madatory Purchase Guidelines.

Acceptable proof of coverage may be a copy
of the Flood Insurance Application and
premium payment, or a copy of the
Declarations Page. The NFIP does not
recognize binders or certificates of
insurance.
Last edited by Dani York; 11/26/12 03:51 PM.
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#1760652 - 11/26/12 05:10 PM Re: Binder in file SUSANE1
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,417
Bloomington, IN
Certificates are acceptable for renewal policies.

VIII. POLICY EFFECTIVE DATE
A. Evidence of Insurance
A copy of the Flood Insurance Application and
premium payment, or a copy of the declarations
page, is sufficient evidence of proof of purchase
for new policies. The NFIP does not recognize
binders. However, the NFIP recognizes
Certificates of Insurance for renewal policies.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1761519 - 11/28/12 02:57 PM Re: Binder in file SUSANE1
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
Kansas
OCC Glossary of Terms states under Evidence of Insurance - The NFIP does not recognize an oral binder or contract of insurance. A copy of the flood insurance application, premium payment, and declarations page submitted to the lender is sufficient evidence of proof of purchase. So does this mean that on or before closing we must have all 3 of these documents?

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#1761521 - 11/28/12 02:58 PM Re: Binder in file SUSANE1
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,247
Galveston, TX
1. Application and proof of payment

2. Declaration page.

One or the other.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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