Skip to content
BOL Conferences
Thread Options
#306262 - 01/20/05 09:20 PM Insurance Expiration
M Cockrell Offline
Diamond Poster
M Cockrell
Joined: Jan 2003
Posts: 1,046
Dallas, TX
I know it appears to be straight-forward, but when an insurance policy expires, is there a grace period to remain covered?

For instance, flood insurance expires on Dec 31st, client wishes to file a claim on Jan 10th. Under what conditions (if any) would the client still be covered?

Ultimately, what's the bank's exposure once the insurance has lapsed?
_________________________
"Remember no man is a failure who has friends." - Clarence (the Angel) Oddbody - It's a Wonderful Life

Return to Top
Lending Compliance
#306263 - 01/20/05 09:24 PM Re: Insurance Expiration
someone else Offline
Power Poster
someone else
Joined: Aug 2004
Posts: 3,300
back to my roots
I am not sure about other financial institutions but we operate under the assumption that once the policy lapses, that's it. No more coverage. I can't imagine trying to take on an insurance company over a claim that lapsed, even for one day. I don't see why they would have to honor it unless it was in the contract. But, if it were in the contract, why wouldn't they just make that the last day of the policy?
_________________________
Somewhere, something incredible is waiting to be known. - Carl Sagan

Return to Top
#306264 - 01/20/05 09:34 PM Re: Insurance Expiration
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
I think you'll find the following thread interesting reading.

Flood Insurance Renewals
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  Andy_Z