Required Cancellation Signatures: Difference between revisions

Revision as of 14:21, 21 November 2024

This page is a rough draft and will need more work before it's finalized.

This page contains details about NFIP Cancellations.
Find more in the How To Cancel section of the NFIP Flood Insurance Manual.

Required Signatures by Reason Code

Reason Code	Agent's Signature	Insured's Signature
01 - Building sold, removed, or destroyed	X	X
02 - Contents sold, removed, or destroyed	X	X
03 - Establish a common expiration date	X	X
04 - Duplicate NFIP policies	X
05 - Invalid payment	X
06 - Property not eligible for coverage
07 - Property closing did not occur	X	X
10 - Policy converted to RCBAP	X	X
13 - Nullification prior to policy effective date	X	X
20 - SRL written with incorrect insurer	X	X
21 - Continuous lake flooding or closed basin lakes
22 - Cancel and rewrite due to administrative error
23 - Fraud or misrepresentation
26 - Duplicate policy from a source other than NFIP	X	X
27 - Property becomes ineligible during term
28 - Insurance no longer required by lender	X	X
29 - Building physically altered
30 - Insufficient premium to retain coverage

Electronic Signatures

As an agent, it's important to know that NFIP insurers are encouraged to use electronic signatures to streamline processes and enhance the customer experience. FEMA fully supports the use of electronic signatures and ensures they are legally valid, provided they meet certain criteria.

To comply with requirements, electronic signatures must:

Be in an acceptable electronic format;
Clearly indicate the signer's intent to sign the document;
Be attached to or associated with the signed document;
Include a method to identify and authenticate the signer; and
Ensure the integrity of the signed document is preserved.

Agents should verify that electronic signatures meet these standards and align with their insurer's policies and applicable laws.

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