NFIP Standard Dwelling Interpretation
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NFIP Standard Dwelling Interpretation - 11/22/2005 10:20:11 AM
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insureu
Posts: 29
Joined: 9/9/2005
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Hi folks. I have a situation where an agent caused a NFIP policy to lapse on a residential dwelling due to his error. Coverage is being afforded by the carrier under a E&O slush fund. As there is no NFIP policy in force, a non-NFIP licensed IA was used. I have read the NFIP policy and I do not see any coverage for detached buildings, other than garages. Is that correct? No storage building coverage, etc? Thanks in advance.
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RE: NFIP Standard Dwelling Interpretation - 11/22/2005 10:39:33 AM
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mh0825
Posts: 587
Joined: 8/31/2005
Home base: Gainesville, FL
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That is correct. No coverage for the structure as it is not a detached garage. However, if contents were damaged they will be covered. Hope that helps.
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RE: NFIP Standard Dwelling Interpretation - 11/23/2005 12:44:19 AM
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fl_resident
Posts: 30
Joined: 8/27/2005
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I cannot see how an agent can cause a flood policy to lapse. Can you enlighten me so that I may avoid a similar scenario?
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RE: NFIP Standard Dwelling Interpretation - 11/23/2005 7:33:19 AM
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mrmonk
Posts: 12
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Home base: Maurepas, LA
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Agents do it all the time, they just forget to send in the money. Or pocket the money some times.
Detached structures that are garages, and only if they are just garages, they cannot have any kind of living arangements, are covered for 10% of policy at the insured's choosing. It lowers the amount available for main dwelling so be careful on that part if it is a large loss. Make sure that you apply that to the benefit of the insured.
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RE: NFIP Standard Dwelling Interpretation - 11/23/2005 7:47:04 AM
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jlombardo
Posts: 340
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Home base: clearwater, fl
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Check all policies onec a year and go over them with your agent. If you have not received a notice of renewal, start asking questions.....
< Message edited by jlombardo -- 11/23/2005 7:49:45 AM >
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RE: NFIP Standard Dwelling Interpretation - 11/23/2005 9:08:30 AM
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RobertV
Posts: 494
Joined: 4/19/2004
Home base: Boerne, TX
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quote:
ORIGINAL: mrmonk
Agents do it all the time, they just forget to send in the money. Or pocket the money some times.
Ditto.
And here's a hedged bet for you, Jeffrey: If there is a mortgage on the risk, the dwelling portion of the loss gets paid and the insured is left in the cold to fight for his own contents. I wager two rounds of drinks.
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RE: NFIP Standard Dwelling Interpretation - 11/23/2005 9:23:49 AM
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insureu
Posts: 29
Joined: 9/9/2005
Status: offline
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Thanks for the confirmation of coverages. To answer some of the questions :
Mortgagee sent payment for HO and Flood combined to carrier. Carrier applies all money to HO and refunds overage to insured. Insured calls agent diligently asking why the refund. After a couple of months agent figures it out and asks insured to send a check to her and she will write a new policy. Check sets on agents desk for months. Insured diligently calls every few weeks asking for policy. Loss ensues.
Fortunately there is very little damage to the dwelling (<$10,000) after excluding detachd storage shed. Personal property coverage was afforded under old policy and is being afforded under this E&O senerio.
As to the annual review with the agent, it would have been pointless with this idiot. She was too concerned about her honeymoon in Cancun to bother with doing her job. It is my understanding that she has been releived of that duty.
Again, thanks so much and I look forward to contributing to future coverage issues as I have years of underwriting, product research and development and claims experience.
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