BCU Risk Management and Insurance

July 1, 2010

The U.S. Senate last night approved a temporary reauthorization of the federal flood insurance program until Sept. 30. The reauthorization of the National Flood Insurance Program (NFIP) is retroactive to June 1, the date the program was halted.

The unanimous Senate vote sent the measure to President Barack Obama for his signature. The House had previously approved reauthorization.

Once President Obama signs the bill into law, the NFIP should return to normal operations, according to the Independent Insurance Agents & Brokers of America (the Big “I”).

Also, since the extension is retroactive, any new policy applications or renewals that were signed and submitted during the hiatus will be effective from the date of application or, in the case of waiting periods, the waiting period will start from the date of application.

Please click the link below to view this document.

Losses Due to Lightning 2009

Article courtesy of Insurance Information Institute.

www.iii.org