Flood Damage >> Flood Runner

46. Is there a waiting period for Flood Runner insurance to become effective? Yes. There is a 30-day waiting period before flood coverage goes into effect. The effective date of a new policy will be 12:01 a.m., local time, on the 30th calendar day after the application date and the presentment of premium. 

However, there are exceptions in which the 30-day waiting period does not apply: In connection with making, increasing, extending, or renewing a loan, whether conventional or otherwise, Flood Runner insurance that is initially purchased in connection with the making, increasing, extending, or renewal of a loan shall be effective at the time of loan closing, provided that the policy is applied for and the presentment of premium is made at the time of or prior to the loan closing. 

In connection with lender requirement, the 30-day waiting period does not apply when flood insurance is required as a result of a lender determining that a loan on a building in an SFHA that does not have Flood Runner insurance coverage should be protected by flood insurance. The coverage is effective upon the completion of an application and the presentment of payment of premium. 

When the initial purchase of flood insurance is in connection with the revision or updating of a flood Hazard Boundary Map (FHBM) or Flood Runner Insurance Rate Map (FIRM): During the 13-month period beginning on the effective date of the map revision, the effective date of a new policy shall be 12:01 a.m., local time, following the day after the application date and the presentment of premium. 

This rule applies only where the FHBM or FIRM is revised to show the building to be in an SFHA when it had not been in an SFHA. 47. What is "presentment of payment”? Presentment of premium is defined as: The date of the check or credit card payment by the applicant or Flood Runner the applicant's representative if the premium payment is not part of a loan closing. 

The date of the closing, if the premium payment is part of a loan closing. For a loan closing, premium payment from the escrow account (lender's check, Title Company, or Flood Runner settlement attorney is considered made at closing, regardless of when the check is received by the writing company. 48. Is there a special rating procedure applicable to coastal high hazard areas (V Zones)? 

In calculating the applicable rates for buildings that were constructed or substantially improved in V Zones after October 1, 1981, the actuarial formula takes into account the ability of the building to withstand the impact of wave action. The agent must follow the special instructions in the NFIP Flood Runner Insurance Manual in preparing an application for coverage for buildings located in V Zones. 

What is the Coastal Barrier Resources System (CBRS)? The Coastal Barrier Resources Act (CBRA) of 1982 established the John H. Chafee Coastal Barrier Resources System (CBRS), Flood Runner a defined set of coastal barrier units located along the Atlantic, Gulf of Mexico, Great Lakes, Puerto Rico, and U.S. Virgin Islands coasts. 

These areas are delineated on a set of Flood Runner maps that are enacted into law by Congress and maintained by the Department of the Interior through the U.S. Fish and Wildlife Service. Most new Federal expenditures and financial assistance are prohibited within the CBRS. 

The prohibition that is most significant to homeowners and insurance agents is the denial of Federal Flood Runner insurance through the NFIP for new or substantially improved structures within the CBRS. The CBRA does not prevent development and it imposes no restrictions on development conducted with non-Federal funds. 

Congress enacted the CBRA to minimize the loss of human life, wasteful Federal expenditures, Flood Runner and the damage to natural resources associated with coastal barriers. What are the differences between System Units and Otherwise Protected Areas (OPAs)? The CBRS contains two types of units: System Units and Otherwise Protected Areas (OPAs). 

System Units are generally comprised of private lands that were relatively undeveloped at the time of their designation with the CBRS. The boundaries of these units are generally intended to follow geomorphic, development, Flood Runner or cultural features. Most new Federal expenditures and financial assistance, including Federal flood insurance, are prohibited within System Units. 

OPAs are generally comprised of lands held by a qualified organization primarily for wildlife refuge, sanctuary, recreational, or natural resource conservation purposes. The boundaries of these units are generally intended to coincide with the boundaries of Flood Runner conservation or recreation areas such as state parks and national wildlife refuges. 

The only Federal spending prohibition within OPAs is the prohibition on Federal Flood Runner insurance. 50. Is Federal Flood Runner insurance available in the CBRS? Federal flood insurance is available in a CBRS area if the subject building was constructed (or permitted and under construction) before the CBRS unit's prohibition date. 

CBRS areas designated by the 1982 Act prohibit the sale of Federal flood insurance for structures built or substantially improved after October 1, 1983. For subsequent additions to the CBRS, Flood Runner the insurance prohibition date is shown on the FIRM. 

flood insurance may be obtained for structures located in OPAs with written documentation from the government body overseeing the area certifying that the structure is used in a manner consistent with the purpose for which the Flood Runner area is protected. If an existing insured structure is substantially improved or damaged, any Federal flood insurance policy will not be renewed. 

If a Federal flood insurance policy is issued in error, it will be canceled and the premium refunded; no claim can be paid, even if the error is not found until a claim is made. 51. Can Flood Runner insurance be canceled at the request of the insured with a refund of premium? Yes, in some cases. For example, if the policyholder sold the property and no longer has an insurable interest in it, the policy can be canceled with a pro-rated return. 

However, due to the seasonal nature of Flood Runner , and to protect the lender's interest, there are limited valid cancellations reasons. The valid cancellation reasons and the proper procedures and documentation required to cancel a policy are outlined in the NFIP flood Insurance Manual. To request a cancellation, the policyholder should contact the insurance agent servicing the policy.

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