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.
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?
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.
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).