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#2238647 - 06/25/20 01:58 PM Private Flood Insurance - varying grace periods
CB#3 Offline
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CB#3
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Anywhere I want to be
How are the rest of you handling private flood insurance policies that may have between a 7 to 15 day grace period instead of the 30 day grace period for an NFIP policy? Are you adjusting tracking for when to send the 45 day force placement letter?

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Flood Compliance
#2238648 - 06/25/20 02:11 PM Re: Private Flood Insurance - varying grace periods CB#3
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,358
Galveston, TX
The 45 day letter is sent when the policy expires - not when a grace period expires.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2238649 - 06/25/20 02:17 PM Re: Private Flood Insurance - varying grace periods CB#3
CB#3 Offline
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CB#3
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Posts: 2,531
Anywhere I want to be
I am aware. However, the difference does pose new risks due to the increased length of gap in coverage potential. A 15 day gap compared to 38 day gap is fairly significant. I'm just curious if anyone is adjusting their practices (such as bank buying coverage) knowing that longer gap may exist.

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#2238650 - 06/25/20 02:23 PM Re: Private Flood Insurance - varying grace periods CB#3
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,025
Bloomington, IN
We force place from day 1 of the policy expiring and make the necessary adjustments for any overlapping coverage once a policy is presented.
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The opinions expressed are mine and they are not to be taken as legal advice.

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