I just found this:
• Updated (1-17-2013): Section 100244 which amends section 4012a (e) of the Flood Disaster Protection Act of 1973 on force-placement of flood insurance. Although neither section 100244 nor the statutory section it amends expressly directs the banking agencies to write implementing regulations to affect this change, the banking regulators have exercised this authority, writing regulations on the force placement of flood insurance (see12 C.F.R. Part 339.7) and guidance (see proposed interagency Q & As #57-62). Therefore, ABA believes that section 100244 should not be effective until the banking agencies write a regulation. We understand, however, that the FDIC believes that section 100244 was effective upon enactment.
It is important to note that section 100244 makes the following changes to force placement:
o Clarifies that although a bank cannot force place until 45 days after notification of a lapse, the bank may charge the borrower for the cost of premiums and fees incurred for coverage beginning on the date on which flood insurance coverage lapsed. (This will require the banking agencies to revise proposed Q & A #62.)
So would this mean that we can use a gap policy beginning on day 1 but could charge the premium to them? And can do that now?