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#2228920 - 01/13/20 09:58 PM Private flood insurance
banker-12 Offline
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Joined: May 2007
Posts: 1,240
We are reviewing a private flood policy that is included together with hazard insurance (small commercial property form). The policy states " written notice within 10 days if cancelled for nonpayment". It does include the 45 days for cancellation but I can't find cancellation for nonpayment in the SFIP. Is it okay that it's stated in the policy?

Thanks,

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Flood Compliance
#2228949 - 01/14/20 03:19 PM Re: Private flood insurance banker-12
banker-12 Offline
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Joined: May 2007
Posts: 1,240
I found another post that states "insurance company cannot terminate a policy for anything other than non-payment - just like a NFIP policy" so I think we are okay with it being on the policy.

Thank You

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#2228956 - 01/14/20 04:06 PM Re: Private flood insurance banker-12
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
I am not sure that a notification 10 days later meets the requirement unless they are also sending a 45 day prenotification prior to the annual payment becoming due.:

A requirement for the insurer to give written notice 45 days before cancellation or non-renewal of flood insurance coverage.
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#2230019 - 01/31/20 04:00 PM Re: Private flood insurance banker-12
Tesla Offline
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Joined: Nov 2003
Posts: 3,726
Can the bank use a private flood policy when force placing insurance?
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#2230046 - 01/31/20 06:34 PM Re: Private flood insurance Tesla
Nicole A Offline
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Joined: Feb 2016
Posts: 41
Unless you're utilizing the MPPP, I believe it would have to be private coverage. That said, I would require that any private force-placed coverage (at minimum) meet the criteria allowing for discretionary acceptance.

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#2230104 - 02/03/20 04:00 PM Re: Private flood insurance banker-12
Tesla Offline
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Joined: Nov 2003
Posts: 3,726
Thank you!
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It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.

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