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#2226525 - 12/02/19 02:49 PM Inland Marine Policy Endorsement
JeanM Offline
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Joined: Sep 2017
Posts: 3
Has anyone accepted an Inland Marine Policy with a Flood endorsement as a compliant flood policy?

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Flood Compliance
#2226529 - 12/02/19 03:24 PM Re: Inland Marine Policy Endorsement JeanM
Nicole A Offline
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Joined: Feb 2016
Posts: 41
I have reviewed several Inland Marine policies containing a flood endorsement and submitted for compliance review in hopes of satisfying the mandatory purchase requirement. I have yet to review one that met the statutory definition of Private Flood Insurance.

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#2226530 - 12/02/19 03:28 PM Re: Inland Marine Policy Endorsement Nicole A
Jim Schue Offline
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Joined: Jan 2017
Posts: 21
Originally Posted by Nicole A
I have reviewed several Inland Marine policies containing a flood endorsement and submitted for compliance review in hopes of satisfying the mandatory purchase requirement. I have yet to review one that met the statutory definition of Private Flood Insurance.


Out of curiosity, which pieces needed to satisfy the purchase requirements weren't present?

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#2226531 - 12/02/19 03:59 PM Re: Inland Marine Policy Endorsement JeanM
JeanM Offline
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Joined: Sep 2017
Posts: 3
The policy I have doesn't include the following:
1. A requirement for the insurer to give written notice 45 days before cancellation.
2. Information about the availability of flood insurance coverage under the NFIP.
3. A provision requiring an insured to file suit not later than one year.
4. Definition of the term flood.

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#2226533 - 12/02/19 04:14 PM Re: Inland Marine Policy Endorsement JeanM
Jim Schue Offline
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Posts: 21
I'd have no problem rejecting that policy.

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#2226534 - 12/02/19 04:16 PM Re: Inland Marine Policy Endorsement JeanM
JeanM Offline
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Joined: Sep 2017
Posts: 3
Thanks for the help!

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#2228138 - 01/02/20 02:08 PM Re: Inland Marine Policy Endorsement Jim Schue
Nicole A Offline
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Joined: Feb 2016
Posts: 41
All of the items JeanM listed in their comment; plus the cancellation provisions were not as restrictive as the SFIP cancellation provisions (i.e. the private insure could cancel the policy at any time, for any reason).

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