GT Insurance Blog

Insurance problems and cures

Congress Re-authorizes Flood Insurance – Only through the end of May

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Here’s the notice we just got from Travelers as a servicing company for the National Flood Insurance Program:

“Dear Travelers Agents,
We are pleased to report that the National Flood Insurance Program (NFIP) has been reauthorized to May 31, 2010. The bill that was passed by Congress and signed by the President includes retroactivity to March 1, 2010.
This means that Travelers Flood can resume processing transactions using the dates that items were received during the lapse for calculating effective dates. The National Flood Insurance Program waiting period rules will be used to determine all effective dates. We will resume sending renewal offers and will also send those renewal offers that were being held during the lapse.
Because Congress made the bill retroactive, Travelers will be allowed to go back to fix transactions that were impacted due to the lapse. March 1st and 2nd can now be used in determining effective dates according to the National Flood Insurance Program waiting period rules.
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
May 31, 2010.”

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