Cancellation Qualifying Reasons/RC 01 - Revision history

WikiAdmin: /* Reason Code 01: Building Sold, Removed, or Destroyed */

2025-03-26T15:02:31Z

Reason Code 01: Building Sold, Removed, or Destroyed

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	\|Evidence of sale, transfer, removal, or destruction, such as a bill of sale, settlement statement, closing disclosure, proof of demolition, or foreclosure court documents.		\|Evidence of sale, transfer, removal, or destruction, such as a bill of sale, settlement statement, closing disclosure, proof of demolition, or foreclosure court documents.
	\|}		\|}
	''This table can be seen on pages 6-2 and 6-3 of the {{FIM\|164}}.''		''This table can be seen on pages 6-2 and 6-3 of the {{FIM\|page=164}}.''

	==== Additional Guidance ====		==== Additional Guidance ====

2025-02-13T22:08:36Z

Document Gallery

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	* Foreclosure cases should have court documentation or confirmation from the lender.		* Foreclosure cases should have court documentation or confirmation from the lender.

	=== ~~Document Gallery~~ ===		=== Documentation for Specific Circumstances ===
			Reason Code 01 encompasses diverse situations that involve loss of insurable interest in a previously owned structure. The table below lists documents accepted by the NFIP, some of which contain links to more specific resources.
	{\| class="wikitable"		{\| class="wikitable"
	\|-		\|-

2025-02-13T22:04:33Z

Document Gallery

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	{\| class="wikitable"		{\| class="wikitable"
	\|-		\|-
	! ~~Reason~~ !! ~~Example~~ Documents		! Circumstance !! Acceptable Documents as Proof
	\|-		\|-
	\| [[Cancellation Qualifying Reasons/RC 01/Sale or Transfer\|'''Sale or Transfer''']]		\| [[Cancellation Qualifying Reasons/RC 01/Sale or Transfer\|'''Sale or Transfer''']]

2025-02-13T22:03:43Z

Document Gallery

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	{\| class="wikitable"		{\| class="wikitable"
	\|-		\|-
	! Reason ! Example Documents		! Reason !! Example Documents
	\|-		\|-
	\| [[Cancellation Qualifying Reasons/RC 01/Sale or Transfer\|'''Sale or Transfer''']]		\| [[Cancellation Qualifying Reasons/RC 01/Sale or Transfer\|'''Sale or Transfer''']]

2025-02-13T22:03:32Z

Document Gallery

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	=== Document Gallery ===		=== Document Gallery ===
	* [[Cancellation Qualifying Reasons/RC 01/Sale or Transfer\|'''Sale/Transfer:''' Bill of Sale, Settlement Statement, Closing Disclosure]]
	* '''Removal:''' Proof of Removal, Relocation Permit		{\| class="wikitable"
	* '''Destruction:''' Proof of Demolition, Contractor Statement, Fire Department Report		\|-
	* '''Foreclosure:''' Court Documentation, Bank/Lender Confirmation		! Reason ! Example Documents
	* '''Inheritance/Death:''' Legal Documents showing ownership transfer upon policyholder’s death		\|-
			\| [[Cancellation Qualifying Reasons/RC 01/Sale or Transfer\|'''Sale or Transfer''']]
			\| Bill of Sale, Settlement Statement, Closing Disclosure
			\|-
			\| '''Removal'''
			\| Proof of Removal, Relocation Permit
			\|-
			\| '''Destruction or Demolition'''
			\| Proof of Demolition, Contractor Statement, Fire Department Report
			\|-
			\| '''Foreclosure'''
			\| Court Documentation, Bank/Lender Confirmation
			\|-
			\| '''Inheritance/Death'''
			\| Legal Documents showing ownership transfer upon policyholder’s death
			\|}

	== Scenarios for Context ==		== Scenarios for Context ==

2025-02-13T20:56:50Z

Document Gallery

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	=== Document Gallery ===		=== Document Gallery ===
	* '''Sale/Transfer:''' Bill of Sale, Settlement Statement, Closing Disclosure		* [[Cancellation Qualifying Reasons/RC 01/Sale or Transfer\|'''Sale/Transfer:''' Bill of Sale, Settlement Statement, Closing Disclosure]]
	* '''Removal:''' Proof of Removal, Relocation Permit		* '''Removal:''' Proof of Removal, Relocation Permit
	* '''Destruction:''' Proof of Demolition, Contractor Statement, Fire Department Report		* '''Destruction:''' Proof of Demolition, Contractor Statement, Fire Department Report

2025-02-12T18:30:32Z

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	* If the structure was demolished or relocated, a government permit or contractor verification may be required.		* If the structure was demolished or relocated, a government permit or contractor verification may be required.
	* Foreclosure cases should have court documentation or confirmation from the lender.		* Foreclosure cases should have court documentation or confirmation from the lender.

			=== Document Gallery ===
	* '''Sale/Transfer:''' Bill of Sale, Settlement Statement, Closing Disclosure		* '''Sale/Transfer:''' Bill of Sale, Settlement Statement, Closing Disclosure
	* '''Removal:''' Proof of Removal, Relocation Permit		* '''Removal:''' Proof of Removal, Relocation Permit

2025-02-12T18:29:07Z

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	=== Reason Code: ~~01 -~~ Building Sold, Removed, or Destroyed ===		=== Reason Code 01: Building Sold, Removed, or Destroyed ===

	This reason code applies when the policyholder no longer has an insurable interest in the building due to a sale, transfer, removal, or destruction of the insured structure. This includes situations such as a completed property sale, foreclosure, or physical removal of the building from its original location.		This reason code applies when the policyholder no longer has an insurable interest in the building due to a sale, transfer, removal, or destruction of the insured structure. This includes situations such as a completed property sale, foreclosure, or physical removal of the building from its original location.

2025-02-12T18:28:47Z

Scenarios for Context

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	'''Scenario 2:''' <br>		'''Scenario 2:''' <br>
	A mobile home park removes an old unit from the premises. The policyholder provides proof of removal, and the underwriter processes a cancellation effective the date of removal.		A mobile home park removes an old unit from the premises. The policyholder provides proof of removal, and the underwriter processes a cancellation effective the date of removal.


	{{line-nfip-cxl}}		{{line-nfip-cxl}}

2025-02-12T18:28:36Z

Scenarios for Context

← Older revision		Revision as of 11:28, 12 February 2025
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	* '''Inheritance/Death:''' Legal Documents showing ownership transfer upon policyholder’s death		* '''Inheritance/Death:''' Legal Documents showing ownership transfer upon policyholder’s death

	==== Scenarios for Context ====		== Scenarios for Context ==

	* '''Scenario 1:''' A homeowner sells their house, and the new owner obtains their own flood insurance policy. The seller submits a cancellation request with a closing disclosure statement, and the policy is canceled effective the date of the sale.		'''Scenario 1:''' <br>
	* '''Scenario 2:''' A mobile home park removes an old unit from the premises. The policyholder provides proof of removal, and the underwriter processes a cancellation effective the date of removal.		A homeowner sells their house, and the new owner obtains their own flood insurance policy. The seller submits a cancellation request with a closing disclosure statement, and the policy is canceled effective the date of the sale.

			'''Scenario 2:''' <br>
			A mobile home park removes an old unit from the premises. The policyholder provides proof of removal, and the underwriter processes a cancellation effective the date of removal.

	{{line-nfip-cxl}}		{{line-nfip-cxl}}