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A question we received via email:
We have done a pretty good job of becoming SFIP flood experts, but I am still struggling to get an answer to the following question. We have developed two processes and are ready to implement either or a hybrid of both depending on how it plays out.
If we typically only get an application and proof of payment prior to closing, can the acceptance decision be made post closing? It almost seems like it has to be that way. We won’t be able to appropriately review the policy until we actually have the policy.
If the customer has already purchased the policy and presents it to you, you can review it at that time to make the determination. If it is not acceptable you may need to require them to purchase a different policy at which time they would cancel the initial policy and get a refund of the pro-rated premiums (and/or possibly assessed a cancelation fee). An insurance company should also be able to provide their customer a copy of the policy they will be purchasing for review prior to purchase so they know what they are purchasing. If this is the case, you would want to confirm that the policy hasn’t been amended or changed (specifically the portions you’re required to review) which can likely be done through the form information including revised dates/form numbers.
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