Submit Change to NFIP Coverage: Difference between revisions
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When adding a new insured (co-insured or additional insured), click the "'''Add Insured'''" button in the upper right of the Policyholder section. | When adding a new insured (co-insured or additional insured), click the "'''Add Insured'''" button in the upper right of the Policyholder section. | ||
Revision as of 13:51, 11 March 2025
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This Equinox Procedure is for Agents. Find a complete list here. |
This procedure explains how agents can submit requests to change coverage amounts on an NFIP policy. Coverage changes include increases or decreases to building and contents coverage, as well as deductible changes. Supporting documentation may be required depending on the type of change.
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Coverage Change Types
| Type | Waiting Period Rules | Required Documentation |
|---|---|---|
| Coverage Increase | Standard Waiting Period or Exception | None |
| Coverage Decrease | None; can be applied to inception | Proof of over-insurance (e.g., property appraisal) or documentation of building damage. |
| Deductible Increase | None | None |
| Deductible Decrease | Standard Waiting Period or Exception | Statement from lender rejecting deductible amount |
Procedural Steps
1. Access Policy Record
To quickly navigate to the Coverages and Deductibles section:
- Find the Policy Actions block on the right
- Choose Policy Changes
- From the next menu, click the Coverages and Deductibles option
2. Edit Coverage
- Select "Individual", "Business", or "Legal Trust"
- Enter the contact details in the fields below.
- All starred fields are required.
Once all details are entered, click the "Save" button (move to Step 3 below).
Use the Edit button (pencil icon) in the upper right of the Policyholder section.
This will open the Insured fields for editing.
Each insured (policyholder, co-insured, or additional insured) will have their own section for editing.
Changes to email address, phone number, and mailing address.
Update Insured Name
The policyholder’s name has been updated due to legal reasons (e.g., marriage, divorce).
Required Documentation: a signed request from the insured or legal document showing change to insured name
Correct Insured Name
The insurable interest does not change, but the policyholder’s name is incorrect.
Required Documentation: The agent must state that the name was incorrect on the application and there is no change to insurable interest
3. Choose Effective Date
Scroll to the top of the page to enter the effective date.
- Enter the appropriate date (see table below).
- Backdating to the inception date is allowed for corrections.
- Choose "None" for the Waiting Period.
The Policy Change cannot be completed without choosing an effective date.
| Change Type | Effective Date Rule |
|---|---|
| Update Contact Details | Date of the request |
| Add Insured Name | Date of the request |
| Update Insured Name | Date of Request or Event |
| Correct Insured Name | Inception |
| Delete Insured Name | Date of Request or Event |
4. Review and Submit
Once the effective date is entered, click the Issue button.
- The "Abort" button will exit without saving any details.
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.
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This page contains details about NFIP Policy Changes. |