Shocking News Alert (Not Really) - NFIP Lapses Again
By Steve Doty
As many of you may already know, the NFIP was not reauthorized by Congress by the midnight of May 31, 2010. Therefore, the Program will experience yet another hiatus where they will have no authority to:
Issue new policies for which application and premium payment dates are on or after June 1, 2010; or,
Issue increased coverage on existing policies for which endorsement and premium payment dates are on or after June 1, 2010; or,
Issue renewal policies for which the renewal premium is received by the company on or after June 1, 2010, and after the end of the 30-day renewal grace period, until Congress reauthorizes the Program.
While awaiting Congressional reauthorization, FEMA has issued a set of Frequently Asked Questions to assist in the interim.