GT Insurance Blog

Insurance problems and cures

Congress re-authorizes National Flood (late), forgets to include the lapsed days, and only extends to 3/28

with 2 comments

We just received this from Travelers Insurance:

“We are pleased to report that the National Flood Insurance Program has been extended to March 28, 2010. The bill that was passed by Congress and signed by the President does not include retroactivity to March 1, 2010.
While this short-term statutory authorization will allow us to resume issuing flood insurance policies, the bill did not include specific language that would make the extension retroactive to March 1, 2010 at 12:01 a.m. Travelers is working with FEMA to determine the correct way to handle new business and changes in coverage that were received after February 28, 2010 to be effective before today.
As soon as we have direction from FEMA on how to handle this issue, we will provide another update to you!
Travelers will continue to work with industry trades, legislators and FEMA to help support a longer term reauthorization of the NFIP prior to the expiration on March 28, 2010.”

Written by gbwinsurance

March 4, 2010 at 7:01 pm

2 Responses

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  1. What happens now? If I had a loss on March 1, who pays?

    Arnsaga

    March 7, 2010 at 5:52 pm

    • You won’t get paid until Congress reauthorizes the missing days. Some members of Congress want to take over more parts of the property insurance market and this waffling, stumbling, stupidity is what they are forcing in order to accomplish that.

      http://www.gbwinsurance.com 1-800-548-2329

      gbwinsurance

      March 8, 2010 at 9:29 am


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