FLOOD08304 - Laserfiche WebLink

Home Browse Search

Federal Emergency Management Agency . premiums paid by YOU which a.pply to the un- used portion of the policy's term. pro ra.ta but with retention of the ezpense constant and the FedeTa! policy fee. 2. You cancel a. policy ha.ving a term of 3 years. on an anniversary date. and the rea- son for the cancellation is: a.. A pOlicy of flood insurance has been ob- tained or is being obtained in substitution for this policy and we ha.ve received a. written concurrence in the cancellation from any mortgagee of which we ba.ve actual notice; Or b. You have extinguished the insured mort,. gage debt and are no longer required by the mortgagee to maintain the coverage. Refund of any premium. under this suI>- paragraph 2.. shall be pro rata but with re- tention of the ezpense constant and the Fed- eTa! policy fee. 3. You cancel because we ba.ve determined that your property is not. in fa.ct. in a. special 1I4zaTd aTea; and YOU were required to pur- chase flood insurance coverage by a private lender or Federal agency pursua.nt to the Act; and the lender or Federal agency .no longer requires the retention by YOU of the coverage. In this event. if no claims ba.ve been paid or are pending. your premium pay- ments will be refunded to YOU in full. accord- ing to our a.pplicable regula.tions. F. Voidance. Reduction OT Reformation of the Coverage By Us: 1. Voidance: This policy shall be void and of no legal force and effect in the event that anyone of the following conditions occurs: a.. The property listed on the application is not eligible for coverage. in which case the policy is void from its inception; b. The community in which the property is located was not participating in the National Flood Insurance Program on the policy's incej>- tion date and did not qualify as a participat,. ing community during the policy's term a.nd before the occurrence of any loss for which you ma.y receive compensation under the pol- icy; c. If. during the term of the policy, the par- ticipation in the National Flood InsuTance Program of the community in which your property is located ceases. in which case the policy shall be deemed void effective at the end of the last day of the policy year in which such cessation occurred and shall not be re- newed. In the event the voided policy included 3 policy years in a contra.ct term of 3 years. you shall be entitled to a pro rata refund of any premium applicable to the remainder of the policy's term: d. In the event you or your agent ba.ve: (l) Sworn falsely. or (2) Fraudulently or willfully concealed or misrepresented any ma.terial fa.ct including facts relevant to the rating of this policy in the application for coverage. or upon any re- newal of coverage. or in connection with the submisSion of any claim brought under the . Pl. 61, App. A(1) policy. in which case this entire policy shall be void as of the date the wrongful act was committed or from its inception If this policy is a renewal policy and the wrongful act oc- curred in connection With an application for or renewal or endorsement of a policy issued to you in a prior year and affects the rating of or premium amount received for this pol- icy. Refunds of premiums. if a.ny. shall be subject to offsets for our administrative ex- penses (including the payment of a.gent's commissions for any voided policy year) in connection with the issuance of the policy; e. The premium you submit is less than the minimum set forth in 44 CFR 61.10 in connec- tion With a.ny application for a new policy or policy renewal. in which case the policy is void from its inception date. 2. Reduction of Coverage Limits OT Reforma- tion: In the event that the premium payment received by us is not sufficient (whether evi- dent or not) to purchase the amount of cov- erage requested by an application, renewal. endorsement. or other form and pa.ra.graph F.1.d. does not apply. then the policy shall be deemed to provide only such coverage as can be purchased for the entire term of the pol- icy. for the amount of premium received. subject to increasing the amount of coverage pursuant to 44 eFR 61.11: provided. however: a. If the insufficient premium is discovered by us prior to a loss and we can determine the amount of insufficient premium from in- fonnation in our possession a.t the time of our discovery of the insufficient premium. we sbal1 give a notice of additionaJ premium due. and if :vou Temit and we Teceive the &ddi. tional premium required to purchase the limits of coverage for each kind of coverage as was initially requested by you within 30 days from the date we give you written nl>- tice of a.dditional premium due. the policy sbal1 be reformed. from its inception date. or. in the case of a.n endorsement. from the effective date of the endorsement. to provide flood insurance coverage in the amount of coverage initially requested. b. If the insufficient premium is dis'!:overed by us a.t the time of a loss under the policy. we shall give a notice of premium due. and If you Temit and we Teceive the additional pre- mium required to purchase (for the current policy term and the previOUS policy term. if then insured) the limits of coverage for each kind of coverage as was initially requested by you within 30 days from the date we give you written notice of additional premium due. the policy shall be reformed. from its in- ception dat.e. or. in the case of an endorse- me!... from the effective date of the endorse- ment. to provide flood insurance coverage in the amount of coverage initially requested. c. Under subparagraphs a.. and b. as to any mortgagee or trUStee named in the policy. we sbal1 give a notice of additionaJ premium due and the right Of reformation shall con- tinue in force for the benefit only of the ...0." ...... 267