Effective Dates

Effective Dates - of all the information, transaction processing and assistance you will provide to clients, effective dates will play an important role in almost every aspect of your daily work. It will be important that you understand how effective dates are calculated as well as the impact to a policy transaction in the event of a typographical error or possible miscalculation. The Equinox system will handle some of the calculations for you making

Effective Date Calculation

30 Day Wait

In general, new flood insurance policies (and changes to an existing policy adding or increasing coverage) become effective following a 30-day waiting period (agent signature date plus 29 days)  

• Calculation of the 30-day waiting period begins the date the application or change request is signed by the agent  

• The application or change request and the applicable premium must be received by the company within 10 days of the agent’s signature date (signature date plus 9 days).

• Policy and change effective dates will automatically be recalculated for those that do not meet the 10-day requirement.

If the application or change endorsement along with the applicable premium are not received within 10 days of the agent’s sign date, the policy will become effective 10 days from the date the application and premium are received by the company.