Career Center Powered by GreatInsuranceJobs.com
NU Online News Service, March 5, 3:25 p.m. EST
Guidance from the Federal Emergency Management Agency regarding the lapse in the National Flood Insurance Program on Monday and Tuesday was revised late yesterday by the agency.
Under the revised guidance, policies that were renewed Monday or Tuesday after a lapse in coverage because of non-payment, can carry those effective dates under the revised W-10018.
Original guidance issued late Wednesday indicated that those policies would have had to be renewed with a March 3 effective date.
The program’s authorization ran out Sunday night because a single senator was unwilling to give unanimous consent to legislation that would have extended the NFIP and a number of other expiring programs until March 28.
Sen. Jim Bunning, R-Ken., relented Tuesday and the legislation containing the temporary extensions passed Tuesday night.
A memorandum dated March 4, from Dennis Kuhns, division director, Risk Insurance Division, FEMA, said… “The language in the second paragraph under Renewals stated the following: Policies renewing after a lapse in coverage (because the renewal premium was not received by the end of the 30-day grace period) that would have had an effective date of March 1, 2010, or March 2, 2010, are to be issued with an effective date of March 3, 2010.
“This language is corrected to read as follows: Policies renewing after a lapse in coverage (because the renewal premium was not received by the end of the 30-day grace period) that would have had an effective date of March 1, 2010, or March 2, 2010, may be issued with an effective date of March 1, 2010, or March 2, 2010.
“Please handle affected policies in accordance.”
Congress is now working on jobs legislation that would carry provisions extending the NFIP until Dec. 28, according to industry lobbyists.