Submit Change to NFIP Insured: Difference between revisions
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This procedure provides agents with the steps to update the insured name on an NFIP policy. Changes to the insured name may be required due to legal name changes, property ownership transfers, or corrections to errors in the original application. | This procedure provides agents with the steps to update the insured name on an NFIP policy. Changes to the insured name may be required due to legal name changes, property ownership transfers, or corrections to errors in the original application. | ||
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* '''Duplicate Coverage''': Avoid creating duplicate policies by ensuring the updated name matches the existing insured property records. | * '''Duplicate Coverage''': Avoid creating duplicate policies by ensuring the updated name matches the existing insured property records. | ||
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Revision as of 09:15, 16 December 2024
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This Equinox Procedure is for Agents. Find a complete list here. |
This procedure provides agents with the steps to update the insured name on an NFIP policy. Changes to the insured name may be required due to legal name changes, property ownership transfers, or corrections to errors in the original application.
When to Use This Procedure
- Legal Name Changes: Updates required due to marriage, divorce, or other legal name changes.
- Property Ownership Changes: Reflects a new owner after a property sale, inheritance, or other transfer.
- Administrative Corrections: Corrects typos or inaccurate information entered during the policy application process.
1. Verify Documentation
Before initiating a name change, ensure the policyholder provides the necessary supporting documents:
- Legal Name Changes: Court order, marriage certificate, or legal name change certificate.
- Ownership Changes: Proof of property transfer (e.g., deed, sales agreement).
- Corrections: Policyholder’s identification and documentation confirming the accurate name.
2. Confirm Eligibility
Check that:
- The policy is active and not pending cancellation.
- The insured's request complies with NFIP guidelines regarding changes to named insureds.
3. Access Policy Information
Log in to the policy management system and locate the policy using the:
- Policy number, or
- Insured property address.
4. Submit Change Request
Follow these steps to process the name change:
- Navigate to the "Policy Endorsements" section.
- Select "Change Named Insured" as the endorsement type.
- Enter the updated insured name as reflected in the provided documentation.
- Upload supporting documents into the policy record.
5. Confirm Changes with the Insured
Provide the policyholder with:
- A confirmation of the submitted change.
- An updated declarations page reflecting the new insured name.
6. Notify Stakeholders
If applicable, notify other stakeholders (e.g., mortgage lenders) of the insured name change.
Key Considerations
- Effective Date: Name changes take effect on the date the endorsement is processed. Ensure any waiting periods required by the NFIP are adhered to.
- Duplicate Coverage: Avoid creating duplicate policies by ensuring the updated name matches the existing insured property records.
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This page is a rough draft and will need more work before it's finalized. |
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This page contains details about NFIP Policy Changes. |