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NFIP Revises Severe Repetitive Loss Letters

Please see the attached National Flood Insurance Program (NFIP) iService Bulletin w-13015 dated March 19, 2013, which revises the letters that the NFIP sends out on Severe Repetitive Loss Properties (SRLP)...
March 27, 2013

Please see the attached National Flood Insurance Program (NFIP) iService Bulletin w-13015 dated March 19, 2013 which revises the letters that the NFIP sends out on Severe Repetitive Loss Properties (SRLP).

As of 01-01-13, all SRLPs are being moved into the central residual market facility managed by the NFIP. This process also requires an update of underwriting information and elevation certificate of the property, from which the NFIP will develop the final policy premium. The process may include the NFIP issuing an estimated renewal premium, which they will then refine and finalize.

The revision outlined in this revised bulletin, effective 05-01-13, is in response to the issues that the Flood Insurance Producers National Committee (FIPNC) and the Institute for Business and Home Safety (IBHS) members presented to the NFIP during meetings in March.

What It Means to Agents: It is very important for PIA members to identify any SRLPs among their NFIP books of business and provide sufficient advance time before renewal date to provide the updated information that the NFIP will require in order for the renewal process to move forward without difficulty.

WYO Program Bulletin w-13015 - Revised Severe Repetitive Loss Letters

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