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|title =
|title =
|text = This procedure explains how agents can request a policy assignment through the Equinox platform. A policy assignment transfers an NFIP policy from the current policyholder to a new policyholder due to a change in ownership. The process ensures continuity of coverage while updating the named insured.
|text = This procedure explains how agents can request a [[NFIP Policy Assignment|policy assignment]]. A policy assignment transfers an NFIP policy from the current policyholder to a new policyholder due to a change in ownership.
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|file = File:Img-vector-change-insured.png
|caption = Policy Changes require specific actions to meet federal guidelines
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{{collapsible-section
{{collapsible-section
|number = 1
|number = 1
|title = 1. Policy Assignment Form
|title = 1. Complete the Form
|content =
|content =
* Log in to the Equinox platform and navigate to the "Resources" or "Forms" section.
<div style="padding-bottom: 1em;"><big>'''Prepare the [[:File:Form-Policy-Assignment-01.pdf|Policy Assignment Form]]'''</big></div>
A specific form is not required to complete a Policy Assignment. <br>
However, the document shown here (click to open) has been created to assist agents with the process.
Complete the following fields:
* Policy Number
* Property Address
* Insured names and signatures (sellers)
* New insured names and signatures (buyers)
Add other details as applicable, such as the [[Mortgagee Clause]] or [[Primary Residence]] verification.<br>
'''Print or save the form, then upload it to the [[Policy Documents]].'''
}}
{{Attention|1=The form must be signed by seller on or before the closing date. The buyer has up to 30 days to submit to the insurer. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=53]}}
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|number = 2
|number = 2
|title = 2. Check Out the Policy
|title = 2. Access Policy Record
|content =
|content =
* Fill out the form with the following details:
{{Box task
* Current policyholder information (name, address, policy number)
|image = Img-proc-actions-change-insured.png
* New policyholder information (name and contact details)
|size = 200px
* Transfer effective date
|alt = An image showing the "Policy Changes" menu along the right side of the page.
* Ensure signatures from both the current and new policyholders are included.
|caption = Use the "Policy Changes" menu along the right side of the page.
|text = <big>'''Open the [[Policy Record]] to start'''</big>
To quickly navigate to the Policyholder section:
* Find the '''Policy Actions''' block on the right
* Choose '''Policy Changes'''
* From the next menu, click the '''Policyholder''' or '''Co-insured''' option
Otherwise, scroll down to the Policyholder section manually.
}}
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{{collapsible-section
{{collapsible-section
|number = 3
|number = 3
|title = 3. Navigate to Policyholder
|title = 3. Add, Edit, Delete
|content =
|content =
* Collect and upload required documentation, such as:
The Policy Assignment may require co-insureds or additional insureds to be added or deleted. The policyholder must be edited.
* Proof of ownership transfer (e.g., deed or sales agreement)
{{collapsible-details
* Authorization from both parties for the policy transfer
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* Verify that all uploaded files are properly labeled and linked to the policy record.
|title = Edit Policyholder
|content =
<big>Use the '''Edit button''' (pencil icon) in the upper right of the Policyholder section.</big><br>
{{Img-proc-free
|style = padding-top: 1em
|file = Img-proc-change-insured-edit-icon.png
|size = 500px
|caption = Use the Edit button (pencil icon) in the upper right of the Policyholder section.
}}
This will open the Insured fields for editing. <br>
{{Box task
|image = Img-proc-change-insured-edit-fields.png
|size = 300px
|alt = An image showing the options in the Policyholder section.
|caption = Make the appropriate entries to the policyholder details as needed.
|text =
<big>'''Change Policyholder Details'''</big><br>
Make changes to the following:
* Legal status/entity
* Name
* Email address
* Phone number
* Mailing address.
Once all details are entered, click the "Save" button.
}}
'''If co-insureds or additional insureds need to be added or removed, refer to the boxes below.'''<br>
If nothing else remains, move to Step 4 below.
}}
{{collapsible-details
|number = 32
|title = Add Insured
|content =
{{Box task
|image = Img-proc-change-insured-add.png
|size = 200px
|caption = After selecting the Add Insured button, choose either a co-insured or an additional insured.
|text =
When adding a new insured (co-insured or additional insured), click the "'''Add Insured'''" button in the upper right of the Policyholder section.
* Select "Individual", "Business", or "Legal Trust"
* Enter the contact details in the fields below.
* All starred fields are required.
}}
'''If co-insureds or additional insureds need to be removed, refer to the box below.'''<br>
If nothing else remains, move to Step 4 below.
}}
{{collapsible-details
|number = 33
|title = Delete Insured
|content =
<big>Use the '''Delete button''' (trash can icon) in the upper right of the Co-insured or Additional Insured section.</big><br>
''The policyholder can be edited but not deleted.''
{{Img-proc-free
|style = padding-top: 1em
|file = Img-proc-change-insured-delete.png
|size = 500px
|caption = Use the Delete button (trash can icon) in the upper right of the Co-insured or Additional Insured section.
}}
{{Attention|If chosen by accident, this can be undone by clicking the '''Abort''' button in the upper right.}}
If no other changes are needed, move to Step 4 below.
}}
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|number = 4
|number = 4
|title = 4. Make Changes
|title = 4. Choose Effective Date
|content =
|content =
* Navigate to the "Policy Actions" menu and select "Submit Policy Assignment."
{{Img-proc-free
* Attach the completed form and supporting documents, ensuring all information is accurate.
|style = padding-top: 1em
|file = Img-proc-change-insured-eff-date.png
|size = 700px
|caption = Choose "None" for the Waiting Period and select the appropriate Policy Change Effective Date.
}}
Scroll to the top of the page to enter the effective date.
* The Effective Date should match the closing (transfer of ownership) date.
* Choose "None" for the [[Waiting Periods|Waiting Period]].
'''''The Policy Assignment cannot be completed without choosing an effective date.'''''
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|number = 5
|number = 5
|title = 5. Review and Submit
|title = 5. Review and Submit
|content =
|content = Review the changes for accuracy and completeness before finalizing.<br>
* Review the submission confirmation to ensure the request has been processed.
Once the effective date is entered, click the Issue button.
* Notify the new policyholder and the agent of record about the successful assignment.
* The "Abort" button will exit without saving any details.
{{Img-proc-free
|style = padding-top: 1em
|file = Img-proc-effective-date-buttons.png
|caption = Click the Issue button to finish the policy change.
}}
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The system will process the change immediately.
* A Declarations page with the updated information will be available in the Documents section of the Policy Record.
* If a Renewal Notice exists and the policy has not expired, then a new Renewal Notice will be sent.<br>
This procedure explains how agents can request a policy assignment. A policy assignment transfers an NFIP policy from the current policyholder to a new policyholder due to a change in ownership.
