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#2149957 - 10/16/17 06:38 PM Evidence of Flood Insurance
jmd Offline
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Joined: May 2002
Posts: 233
Can a lender accept the "Evidence of Flood Insurance" form to document a borrower's flood insurance, or does the lender have to have a flood insurance declaration or for new policies, an application with proof of premium payment? We have several RCBAP policies where we receive the "Evidence of Flood Insurance" form. I don't want to risk being out of compliance, so have recommended that we obtain the RCBAP declaration(s). Is this required?

Thank you

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Flood Compliance
#2150007 - 10/16/17 08:55 PM Re: Evidence of Flood Insurance jmd
kbcomply Offline
New Poster
Joined: Sep 2016
Posts: 13
For a new policy, proof of insurance consists of a copy of the written application and the method of premium payment, for
example, a copy of the check. For an existing policy, proof of insurance consists of the declarations page which includes the policy number and certain information about the insurance company or agent.

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#2150009 - 10/16/17 09:03 PM Re: Evidence of Flood Insurance jmd
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
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.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2150296 - 10/18/17 05:07 PM Re: Evidence of Flood Insurance Dan Persfull
jmd Offline
100 Club
Joined: May 2002
Posts: 233
Is the accord "Evidence of Insurance" considered a "Certificate of Insurance"? If the NFIP accepts a Certificate of Insurance, do the regulators accept it as proof of flood insurance?

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#2226353 - 11/26/19 07:14 PM Re: Evidence of Flood Insurance jmd
fretzer Offline
Member
Joined: Dec 2008
Posts: 76
Pennsylvania
Good afternoon,

Following up on the above thread, I too would like to know if the Accord document titled "Evidence of Property Insurance" is sufficient to meet the flood insurance requirement?

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#2226357 - 11/26/19 07:39 PM Re: Evidence of Flood Insurance jmd
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,279
Galveston, TX
The old flood insurance manual used to have a section (below) on this. The new manual is silent. Accord has a special Evidence of Flood Insurance Form that used to meet these requirements - but a standard Evidence of Property Insurance is not going to give you all the information that you need and I believe it would not be acceptable. Just have them sent you the declarations page - how hard can it be??

D. 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, for informational purposes only, the NFIP
recognizes certificates or evidences of flood insurance,
and similar forms, provided for renewal policies if the
following information is included:
1. Policy Form/Type (GP, DP, RCBAP*, PRP)
2. Policy Term
3. Policy Number
4. Insured’s Name and Mailing Address
5. Property Location
6. Current Flood Risk Zone
7. Rated Flood Risk Zone (zone used for rating,
including when grandfathering or issuing coverage
under the PRP Eligibility Extension)
8. Grandfathered: Y/N
9. Mortgagee Name and Address
10. Coverage Limits and Deductibles
11. Annual Premium
* For an RCBAP, include the number of units
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2226360 - 11/26/19 07:48 PM Re: Evidence of Flood Insurance jmd
fretzer Offline
Member
Joined: Dec 2008
Posts: 76
Pennsylvania
@rlcarey Thank you!

Happy Thanksgiving!!

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