WikiAdmin: /* Reason Code 20: SRL Written with Incorrect Insurer */

2025-03-26T15:32:11Z

Reason Code 20: SRL Written with Incorrect Insurer

← Older revision		Revision as of 08:32, 26 March 2025
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	\|Property address confirmation from FEMA indicating the SRL designation.		\|Property address confirmation from FEMA indicating the SRL designation.
	\|}		\|}
	''This table can be seen on page 6-13 of the {{FIM\|175}}.''		''This table can be seen on page 6-13 of the {{FIM\|page=175}}.''

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

WikiAdmin: Created page with "=== Reason Code 20: SRL Written with Incorrect Insurer === This reason code applies when a Severe Repetitive Loss (SRL) policy was issued or renewed by a Write Your Own (WYO) company instead of being serviced by the NFIP Direct’s Special Direct Facility (SDF). In these cases, the policy must be canceled and rewritten under the correct insurer. {| class="wikitable" !'''Condition''' !'''Details''' |- |'''Eligibility for Cancellation''' |A policy may be canceled if an S..."

2025-02-12T18:55:23Z

Created page with "=== Reason Code 20: SRL Written with Incorrect Insurer === This reason code applies when a Severe Repetitive Loss (SRL) policy was issued or renewed by a Write Your Own (WYO) company instead of being serviced by the NFIP Direct’s Special Direct Facility (SDF). In these cases, the policy must be canceled and rewritten under the correct insurer. {| class="wikitable" !'''Condition''' !'''Details''' |- |'''Eligibility for Cancellation''' |A policy may be canceled if an S..."

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=== Reason Code 20: SRL Written with Incorrect Insurer ===

This reason code applies when a Severe Repetitive Loss (SRL) policy was issued or renewed by a Write Your Own (WYO) company instead of being serviced by the NFIP Direct’s Special Direct Facility (SDF). In these cases, the policy must be canceled and rewritten under the correct insurer.

{| class="wikitable"
!'''Condition'''
!'''Details'''
|-
|'''Eligibility for Cancellation'''
|A policy may be canceled if an SRL property was incorrectly insured through a WYO company instead of the NFIP Direct’s Special Direct Facility (SDF).
|-
|'''Effective Date of Cancellation'''
|The policy is canceled effective the date the property was designated as SRL.
|-
|'''Policy Terms Eligible for Refund'''
|The current policy term.
|-
|'''Type of Refund'''
|A full refund, including surcharges and fees, is sent to the SDF to issue a replacement policy.
|-
|'''Required Documentation'''
|Property address confirmation from FEMA indicating the SRL designation.
|}
''This table can be seen on page 6-13 of the {{FIM|175}}.''

==== Additional Guidance ====
* SRL policies must be serviced by the NFIP Direct’s Special Direct Facility and not by WYO companies.
* The insurer must verify that the property is designated as an SRL and confirm the correct policy servicing entity.
* Any paid claims under the incorrect policy must be reconciled before cancellation and rewriting.

== Required Documents ==
To process this cancellation reason, underwriters must verify the documentation provided.

* FEMA confirmation that the property is designated as SRL.
* Documentation confirming the policy was written under the incorrect insurer.

=== Document Gallery ===
* '''FEMA SRL Confirmation:''' Official notification of SRL designation.
* '''Incorrect Insurer Documentation:''' Proof that the policy was issued under a WYO company instead of NFIP Direct.

== Scenarios for Context ==

'''Scenario 1:''' <br>
A homeowner’s SRL property was insured through a WYO company, but it should have been serviced by NFIP Direct. FEMA notifies the insurer, and the policy is canceled and rewritten through the SDF.

'''Scenario 2:''' <br>
An underwriter discovers that an SRL-designated property was mistakenly renewed by a WYO carrier instead of NFIP Direct. The insurer confirms the designation with FEMA, cancels the policy, and transfers coverage to the correct entity.

{{line-nfip-cxl}}

Cancellation Qualifying Reasons/RC 20 - Revision history

WikiAdmin: /* Reason Code 20: SRL Written with Incorrect Insurer */