Required Cancellation Signatures: Difference between revisions
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|01 - Building sold, removed, or destroyed | |01 - Building sold, removed, or destroyed | ||
| style="text-align:center;" |'''X''' | | style="text-align:center;" |'''X''' | ||
| style="text-align:center;" |'''X'''<ref>Not required if the building was foreclosed and the lender is entitled to a refund.</ref> | |||
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|02 - Contents sold, removed, or destroyed | |02 - Contents sold, removed, or destroyed | ||
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|04 - Duplicate NFIP policies | |04 - Duplicate NFIP policies | ||
| style="text-align:center;" |'''X''' | | style="text-align:center;" |'''X''' | ||
| style="text-align:center;" |'''X'''<ref> | | style="text-align:center;" |'''X'''<ref>Not required when the insurer created a duplicate policy with a later effective date.</ref> | ||
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|05 - Invalid payment | |05 - Invalid payment | ||
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|29 - Building physically altered | |29 - Building physically altered | ||
| style="text-align:center;" |'''X''' | | style="text-align:center;" |'''X''' | ||
| style="text-align:center;" |'''X'''<ref> | | style="text-align:center;" |'''X'''<ref>Not required if the building became ineligible for coverage during the middle of the policy term due to a physical alteration of the building.</ref> | ||
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|30 - Insufficient premium to retain coverage | |30 - Insufficient premium to retain coverage | ||
Revision as of 14:35, 21 November 2024
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This page is a rough draft and will need more work before it's finalized. |
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This page contains details about NFIP Cancellations. |
Required Signatures by Reason Code
| Reason Code | Agent's Signature |
Insured's Signature |
|---|---|---|
| 01 - Building sold, removed, or destroyed | X | X[1] |
| 02 - Contents sold, removed, or destroyed | X | X |
| 03 - Establish a common expiration date | X | X |
| 04 - Duplicate NFIP policies | X | X[2] |
| 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 | X | X[3] |
| 30 - Insufficient premium to retain coverage |
- ↑ Not required if the building was foreclosed and the lender is entitled to a refund.
- ↑ Not required when the insurer created a duplicate policy with a later effective date.
- ↑ Not required if the building became ineligible for coverage during the middle of the policy term due to a physical alteration of the building.
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.