Answer:
Answer: Dan Persfull No, there hasn't been any change. You begin your force placement procedures once you learn you do not have flood insurance coverage or you have inadequate coverage. Until the policy expires or is canceled you have coverage and have no reason to begin your force placement procedures.
That doesn't mean you can't send a friendly reminder that the policy is about to expire, but you can not begin your 45 day cycle until it does.
Answer:
Answer: Andy Zavoina What you may have heard was that FEMA and the regulatory agencies are working on a revision to the "yellow book" which is actually the Flood Insurance Guidelines. In that, there may be new guidance that will allow the 45 day potential gap to be reduced or eliminated with a revised mailing schedule. I have heard this discussed on more than one occasion, but haven't seen any drafts.
First published on BankersOnline.com 5/1/06
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