Agency Transfer: Difference between revisions
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| Insured | | Insured | ||
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! colspan="2" style="text-align:left;" | 1. Policy Assignment | ! colspan="2" style="text-align:left;" | 1. Policy Assignment | ||
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! colspan="2" style="text-align:left;" | 3. Rollover | ! colspan="2" style="text-align:left;" | 3. Rollover | ||
! colspan="2" style="text-align:left;" | 4. Agency Transfer | ! colspan="2" style="text-align:left;" | 4. Agency Transfer | ||
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| style="background-color:#eff0f2;"| When | | style="background-color:#eff0f2;"| When | ||
Revision as of 16:03, 25 February 2025
Due to the manner in which NFIP policies are issued and managed, specific protocols must be followed when policies are being transferred between agencies or agents. Failure to understand and follow these protocols may cause unnecessary work and cost when managing your NFIP policies.
| Policy Assignment |
An agency transfer is different than transferring policies between policyholders, which is known as policy assignment. The tables below compare Policy Assignment only for the purpose of differentiation.
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| 1. Policy Assignment | 2. Policy Transfer | 3. Rollover | 4. Agency Transfer | ||||
|---|---|---|---|---|---|---|---|
| Current | Any Change? | Current | Any Change? | Current | Any Change? | Current | Any Change? |
| Policy | Same | Policy | New | Policy | New | Policy | Same |
| Carrier | Same | Carrier | New | Carrier | New | Carrier | Same |
| Agent | Same | Agent | New | Agent | Same | Agent | New |
| Insured | New | Insured | Same | Insured | Same | Insured | Same |
| 1. Policy Assignment | 2. Policy Transfer | 3. Rollover | 4. Agency Transfer | ||||
| When | Mid-term | When | RENEWAL | When | RENEWAL | When | See below |
Policy Assignment
The NFIP allows policies to be assigned from the current policyholders to new policyholders as part of a transfer of ownership. In other words, if the current policyholders are deeding their property, and by extension their insurable interest in that property, then they can give ownership of the NFIP policy as well. This is known as Policy Assignment.
In section 1 of the table above, the Carrier, Policy, and Agency all stay the same; only the policyholder changes (as shown in green).
Policy Transfer
A Policy Transfer is the opposite of a Policy Assignment.
Rollover
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Agency Transfer
What is it?
What is the process?
What is the process?
AOR Form
what needs to be signed?
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