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Federoi Emergency M:mogement Agency ~61.10 Minimum premiums. The minin:um premium required fDr any pDlicy, regardless Df the term Dr amDunt Df cDverage, is $50.00. [46 FR 13514. Feb. 23. 1981J ~ 61.11 Effective date and tUne of cov- erage under the Standard Flood In- surance Policy-New Business Ap- plications and Endorsements. (a) During the 13-month periDd begin- ning Dn the effective date of a revised Flood Hazard Boundary Map or Flood Insurance Rate Map for a community, the effective date and time of any ini- tial flood insurance coverage shall be 12:01 a.m. (local time) on the first cal- endar day after the application date and the presentment of payment Df pre- mium; fDr example. a flood insurance policy applied for with the payment of the premium on May 1 will becDme ef- fective at 12:01 a.m. on May 2. (b) Where the initial purchase Df flood insurance is in connection with the making, increasing. extensiDn, Dr renewal Df a IDan, the coverage with re- spect to the property which is the sub- ject of the IDan shall be effective as of the time of the loan closing, provided the written request fDr the cDverage is received by the NFIP and the flood in- surance policy is applied for and the presentment of payment of premium is made at Dr priDr tD the loan closing. (c) Except as provided by paragraphs (a) and (b) of this section, the effective date and time of any new policy or added coverage or increase in the amount Df coverage shall be 12:01 a.m. (local time) on the 30th calendar day after the applicatiDn date and the pre- sentment of payment of premium; fDr example, a flood insurance policy ap- plied for with the payment Df the pre- mium on May 1 will become effective at 12:01 a.m. on May 31. (d) Adding new coverage or increas- ing the amount Df coverage in fDrce is permitted during the term of any pDl- ic~'. The additiona.l premium fDr any new coverage or increase in the amount of coverage shall be calculated pro rata in accordance with the rates currently in force. (e) With respect to any submission of an application in connection with new business, the payment by an insured tD an agent or the issuance of premium S6i.ll payme:lt by the agent, does not CDn- stitute payment tD the NFIP, except where a WYO CDmpany rel~eives an ap- plicatiDn 1l.nd premium payment frDm one Df its agents and elects 1;0 refer the business tD the NFlP Serl'ieing Agent because the WYO Company dDes not wish to write the business, in which case any applicable waiting period under this sectiDn shall be calculated in accordance with the first sentence of paragraph (f) of this section.. Therefore, it is important that an application for Flood Insurance and its premium be mailed to the NFIP promptly in order to have the effective date of the cov- erage based on the application date plus the waiting period. If the applica- tion and the premium payment are re- ceived at the office of the, NFIP within ten (10) days from the date of applica- tion, the waiting period will be cal- culated from the date of application. Also, as an alternative, in those cases where the application ,md premium payment are mailed by certified mail within four (4) days from the date of application. the waiting periOd will be calculated from the date of application even though the application and pre- mium payment are received at the of- fice of the NFIP after ten (10) days fol- lowing the date of application. Thus. if the application and premium payment are received after ten (10) days from the date of the application or are not mailed by certified mail within four (4) days from the date of application, the waiting period will be calculated from the date of receipt at the office of the NFIP. To determine the effective date of any coverage added b:~ endorsement to a flood insurance policy already in effect, substitute the term endorsement for the term application in this para- graph (e). (f) With respect to the submission of an application in connection with new business. a renewal of a policy in effect and an endorsement to a policy m ef- fect, the payment by a':J:l insured to an agent or the issuance of premium pay- ment to a Write-Your-Own (WYO) Com- pany by the agent. accompanied by a properly completed application, re- newal or endorsement form, as appro- priate, shall commence the calculation of any applicable waitiIlg period under this section, provided that the agent is . .r . .... . .~ . 253