The National Flood Insurance Program (NFIP) expired Sunday March 28th, 2010.  Congress adjourned until April 12 after failing to agree on an unemployment benefits bill that included a provision with an extension of the National Flood Insurance Program. 

The National Flood Insurance Program (NFIP) is currently on schedule to expire on March 28th, 2010.  The Senate has already voted to extend the NFIP until the end of the year, while the House has agreed to extend it just one more month, until the end of April 2010.  The Senate, who has been preoccupied with Health Care Legislation, must vote to adopt the House measure or the NFIP will expire Sunday night. 

We will keep you posted with any updates, but if you have any questions we are always here to help.

Please call with any questions: Edward J. Mackoul, CIC President- Mackoul & Associates, Inc. ejmackoul@mackoul.com Toll Free: (866) Mackoul

Our very own president, Edward J. Mackoul, has been asked to present information on insurance issues to the New York City Bar CLE!  On March 24th,  at the event titled, “Hot Topics Affecting Cooperatives & Condominiums 2010″, Mr. Mackoul will be presenting his seminar called “No Insurance = No Entry: Insurance Issues in Coops & Condos” from 6:00 to 6:30 pm.  This seminar discusses the New York Labor Law and its application to hiring outside contractors to work on cooperative and condominium properties.  This event should not be missed!

Program Location:

New York City Bar CLE
42 West 44th Street
New York, NY 10036
March 24th | 6:00-9:00 pm

Click this link for registration information: https://www.nycbar.org/CLE/show_course.php?cnameid=2245

Come visit us as we exhibit at the Institute of Real Estate Management’s third annual Asset and Property Management Symposium on Wednesday, March 10th, 2010 from 9:30am-5:30pm. 

The program will be located at the New York Helmsley Hotel:
212 East 42nd Street
New York, NY 10017
Third Floor Conference Center

 Click Here For Registration Information

We are pleased to announce that the National Flood Insurance Program has been extended to March 28, 2010.   The bill that was passed by Congress and signed by President Obama does not include retroactivity to March 1, 2010. 

This short term statutory authorization will allow us to resume issuing flood insurance policies but it did not include specific language that would make the extension retroactive to March 1, 2010 at 12:01 am.

We will include more updates on longer term NFIP reauthorization prior to the expiration on March 28, 2010 as soon possible.

Don’t hesitate to call our offices if you have any questions at (866) Mackoul.
Thank you.

Mackoul & Associates, Inc.

Read the full article here: http://www.insurancejournal.com/news/national/2010/03/03/107849.htm

Statutory authority to issue flood insurance policies pursuant to the National Flood Insurance Program (NFIP) expired on February 28th, 2010.  According to Senate Majority Leader, Harry Reid, measures are expected to pass sometime this week extending the NFIP until March 28, 2010.  However, Congress has yet to pass the short term reauthorization of the NFIP and President Obama has yet to sign the bill.

Main Point- The NFIP will not be able to issue new or renewal flood policies, change coverage or pay claims until Congress reapproves reauthorization.  They recommend that companies writing flood insurance hold any premiums, renewals or added coverage endorsements received on or after Feb. 28th.

Read Full Article
National Flood Insurance Program Website
FEMA Website