09/16/03 HURRICANE INSTRUCTIONS: Special Edition Two For Tuesday

important flood insurance information / Hurricane Moratoriums
Our August 8th edition of Two for Tuesday gave details on when a flood policy can be issued with no waiting period. There is no moratorium on flood insurance should any of the below exceptions apply to the 30-day waiting period. It is important to note that if there is loss to the property due to flooding in the 30 days after a policy is issued, proof of the exception will be required.
We have provided the following information for you to review again:
The National Flood Insurance Program requires a mandatory 30 day waiting period before a flood insurance policy is issued. If a property owner waits until the storm is only days or hours away, the property will go uninsured. However, there are exceptions to this rule.
There is no waiting period…
…if your client has an existing flood policy and an additional amount of flood insurance is required with the making, increasing, extending or renewing of a loan, such as a second mortgage, home equity loan, or refinancing. Coverage is effective immediately, as long as the premium is presented at or prior to loan closing.
…when flood insurance is required as a result of a lender determination that a loan which does not have flood insurance should be protected by flood insurance. Coverage is effective immediately, as long as the premium is presented at the completion of a loan application.
…when an additional amount of insurance is required as a result of a map revision.
For assistance in obtaining a quote for your customers, login to Big “I” Markets today and complete the simple Quick Quote form. The Big “I” National Flood Program team will run the zone determination, rate the risk and provide a partially completed application for you to review with your client to finalize coverage needs.
If you have any questions regarding the above information, please do not hesitate to contact us immediately.
Note that Big “I” Markets agents receive 16% commission on all new business, and the Commission Rewards Program allows new business commissions to grow upwards to 21%. Don’t let your clients go uninsured. Think Flood. Now insure it.
Contact information and Web sites for your reference:
www.independentagent.com/flood
www.bigimarkets.com
www.FEMA.org
Phone Numbers
Big “I” Markets / Big “I” National Flood Office
Toll Free: (800) 221-7917
Local: (703) 683-4422
Underwriting Fax: (703) 995-4406 / Hurricane Isabel is nearing the East Coast and is expected to hit the shoreline sometime Thursday. Once a Hurricane Watch or Warning is placed in a specific region or territory, most underwriters will no longer bind coverage until the watch/warning is lifted. This applies to most products relating to property coverage on Big “I” Markets.
Be sure to check with your underwriter on coverage availability due to the impending arrival of Hurricane Isabel. Claims filing information is located on the Underwriting and Coverage page of each product. We will post additional information as we receive it from our company partners. For the latest in storm updates and to track the projected path, visit www.weather.com.
selective claims notice
The following is a 09/15/03 notice issued by Selective Insurance regarding hurricane instructions in the event of a loss:
RE: Selective Flood Claims Procedures and Contact Information
With the possible arrival of Hurricane Isabel within our coverage area later this week, please note flood claims procedures and contact information.
Notice of Loss
1. Report the first notice of loss to Selective Flood via www.floodonline.com, www.selective.com, phone, mail or fax (contact information is listed below).
2. Upon receipt of the new loss, the claim is entered into the Flood Online system to verify coverage.
3. The coverage sheet and loss notice are then forwarded to the adjustment company. The adjustment company will contact the insured to arrange an inspection within 48 hours of receiving the claim.
4. The Selective claims representative will make contact with the insured within 24 hours of receiving the claim.
5. You can view the status of your claims at www.floodonline.com.
Selective Address
Selective Flood
40 Wantage Avenue, CN 101
Branchville, NJ 07890
Selective Phone Numbers
Toll Free: (877) 348-0552
Local: (973) 948-3311
Underwriting fax: (973) 948-2599
Claims fax: (973) 948-4415
MORE INFORMATION AND STATE AVAILABILITY: For more information on these products and more, login to http://www.bigimarkets.com. To request a User name and password, email .
ONLINE TRAINING: Online training times have changed in response to agent feedback. Need a refresher on how to navigate Big “I” Markets or just want a quick tour on how to submit a quote? Register today for a free online Web-based virtual tour of Big “I” Markets. Send an email to to register for training sessions that are now held every Thursday at 2:00 p.m. – 3:00 p.m. Eastern.
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