Underwriting Guidelines for Properties in NFIP Participating Communities

Excess Flood Guidelines PDF

Listed below are standard underwriting rules and regulations for Excess Flood Insurance; however, please call regarding additional plans available to insure most any risk.

The Excess Flood Program requires an underlying National Flood Insurance Program (NFIP) policy written at the maximum limits available. First Coverage Flood (NPC/CBRA risks) are accepted also. see NPC flood Insurance.

One- to four-family residential properties, townhouses, condominiums and single commercial buildings are acceptable, but not limited to, as other property types will be considered.

Coverage hereunder will cease if the primary flood coverage lapsed, is cancelled or non-renewed.

COVERAGE: All direct physical loss or damage by or from flood
TERRITORY: All 50 States
LIMITS: For Immediate Binding

BUILDING and/or CONTENTS Coverage - Residential and Commercial:
1. $5,000,000
(higher limits will be considered)

Contents coverage can be written as “stand alone” coverage

BUSINESS INTERRUPTION - Primary Coverage:
1. $1,000,000 any one location
Deductible: $100,000 per occurrence

BI Coverage

The contents and BI coverage limits are not additional limits, but are part of the overall combined coverage limit for the risk, with the maximum total coverage being $5 million.

EXCESS OF: Required Primary Policy Coverage Limits
Residential: $250,000 building / $100,000 contents
Commercial: $500,000 building / $500,000 contents

Additional Living Expense (ALE) coverage for primary residences only: $5,000 coverage for $50.00 annual premium. Higher limits are available. ALE coverage must be written in conjunction with building coverage.

OTHER CHARGES: All applicable Surplus Lines fees and taxes Certificate (Policy) fee
Broker Countersignature Fee (if required)
Inspection fee (if required)
CANCELLATION: Return premiums will be calculated in accordance with certificate terms and conditions, subject to minimum earned premium.
OTHER CONDITIONS: As per certificate wording.
INSPECTIONS: Underwriters reserve the right to require an inspection report for any property.
WAITING PERIOD: Coverage will be effective on the proposed effective date or five (5) days after the application (with premium payment) has been date-stamped by SWBC and accepted by the Underwriter, WHICHEVER IS LATER. The waiting period can be waived for loan closings.

SWBC reserves the right to cancel coverage upon receipt of an unsatisfactory inspection report or any other information relating to the property which does not meet our underwriting requirements.



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