NFIP Map Revision Eligibility
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This Equinox Procedure is for Underwriters. Find a complete list here. |
NFIP Map Revision Eligibility
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Categories of Effective Date Changes
| Type | Description | Documentation Requirements | Effective Date Rule |
|---|---|---|---|
| Correct Typographical Error | Adjust the effective date due to an administrative error, such as a typo in the original policy record. | Proof of the premium receipt date or other evidence supporting the correct date. | Use the date that aligns with the premium receipt or the corrected documentation. |
| Loan Closing Date Change | Update the effective date to match a revised loan closing date. | Updated loan closing documentation showing the new date and supporting evidence. | Use the new loan closing date, provided documentation and premium receipt support the change. |
| NFIP Compliance Adjustment | Modify the effective date to align with NFIP guidelines (e.g., to avoid lapses or overlaps). | Written justification and supporting evidence showing the compliance issue and correction needed. | Use the earliest date that resolves the compliance issue and aligns with NFIP rules. |
Procedural Steps
1. Identify Request
Open the agent-submitted request in Equinox and determine the reason for the effective date change (see Categories of Effective Date Changes).
2. Verify Documentation
Confirm that all required documentation is attached and supports the requested change.
Ensure the premium receipt date aligns with the corrected or updated effective date.
3. Decide Processing Outcome
Review the request for compliance with NFIP guidelines:
- Ensure that the new effective date resolves any compliance issues, such as lapses or overlaps.
- Verify that the requested date aligns with the documentation provided (e.g., loan closing date, premium receipt date).
Decide whether to Issue, Reject, or Pend the request:
- Issue: All requirements are met. Select the effective date in the policy details and apply the change.
- Reject: Request is non-compliant or documentation is invalid. Inform the agent and provide reasons.
- Pend: Additional information or clarification required. Specify the pend period and request the needed documentation.
4. Take Action in Equinox
Does the policy need to be checked out to reject or pend?
Issue the Change
# Check out the policy
- Determine the Effective Date
- Use the date that aligns with the premium receipt or corrected documentation.
- Use the new loan closing date if applicable.
- Update the effective date in the policy record.
- Click "Submit."
Pend the Change
If the request is Pended, document the reason and communicate the outcome to the submitting agent.
Reject the Change
If the request is Rejected, document the reason and communicate the outcome to the submitting agent.
5. Memo Activity Log
Record the decision, supporting documentation, and any communications with the agent in the policy notes.
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This page contains details about NFIP New Business. |