GFIP General Information.pdf

GFIP General Information

Group Flood Insurance is provided to eligible grantees who agree to receive a disaster assistance grant for damage from a declared State or Federal disaster.

- Grantees are provided a Certificate of Insurance under a Group Master Policy for a specific disaster, indicated by the disaster number. The disaster number is the first four digits of each certificate’s policy number.

- The GFIP Master policy begins 60 calendar days from the disaster declaration date and terminates 3 years from that date.

- Individual certificates may be issued at any point in the Group Master policy term, upon receipt of premium and grantee information from the state, up to the 35th month of the Group Master term. Thus policy terms for individual certificates will vary in length but all expire on the same date.

- A 30 day wait must be applied to the receipt date of premium and grantee information from the state.

- States provide names, addresses and information as to whether the grantee owns or rents the policy.

- All Grantees receive the same amount of coverage which is currently $30,100.

- Coverage amount tracks with the Consumer Product Index (CPI) and may be adjusted each October when the CPI is adjusted. The amount may go either upward, downward, or remain the same. Policies are amended to reflect any CPI adjustment.

- At the time of a claim, a property owner may apply it to either a building or contents loss, or both, up to the total amount. Renters have contents coverage only.

- Deductible is $200, applied separately if the coverage is used for both building and contents coverage, bythe property owner.

- States send in electronically (for the most part) a spreadsheet of grantee information and a check to cover each certificate of insurance. This may result in many submissions as Disaster Assistance works their caseload.

- -The State is responsible for checking for duplications, COBRA, 1316, etc.

- GFIP certificates are non-renewable; upon expiration the property owners are advised to contact a licensed P&C agent for a standard flood insurance policy.

Failure to continue flood coverage may result in no future disaster assistance.

- No premium is refundable since it was purchased with Disaster Assistance funds.

- Administrative cancellations are done when the insured has moved out and there is no subsequent owner’s name to transfer the policy.

- Transfer s to a new named insured may be done with signatures from current and new owner, by endorsement.

- Renter’s policies are null and void once the renter moves out.

- Letters go out on the first and second anniversaries of the Group Master Policy to advise how many years’ coverage remains in force. Prior to expiration, two expiration notices go out advising the certificateholder to take out a standard flood policy in order to remain eligible for any future disaster assistance funds.

- A certificateholder may at any time choose to purchase a standard flood policy.

If the Contractor is notified, the GFIP is canceled without refund.

- Mortgagee information is not entered onto a GFIP certificate.

- Policy requirements of the SFIP apply where applicable. For instance renewal provisions are not applicable.

- GFIP does not apply to commercial entities.