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.

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National Flood Insurance Program Website
FEMA Website

This entry was posted on Tuesday, March 2nd, 2010 at 1:59 pm and is filed under Building Insurance, Flood Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.