ABSTRACT

Extension of Preferred Risk Policy Eligibility Effective January 1, 2011, for Buildings Affected by Map Changes On or After October 1, 2008   [open pdf - 706KB]

"FEMA [Federal Emergency Management Agency] is revising its Preferred Risk Policy (PRP) eligibility. Effective January 1, 2011, owners of buildings newly designated in a Special Flood Hazard Area following a flood map revision on or after October 1, 2008, may be able to maintain the lower cost PRP for 2 years following the effective date of the map change. Please see the attached documents for more details on this change and the implications for policyholders and insurers: 1.) Attachment A -- PRP Eligibility Extension Background, Description, and Requirements 2.) Attachment B -- Questions and Answers Regarding the PRP Eligibility Extension 3.) Attachment C -- PRP Section of the Flood Insurance Manual, effective January 1, 2011 FEMA is introducing a new 'Risk Rating Method' indicator on the Transaction Record Reporting and Processing (TRRP) Plan to identify policies newly issued or renewed as a PRP under the 2-year PRP eligibility extension beginning January 1, 2011. Related changes to the TRRP Plan and Edit Specifications will be provided separately."

Report Number:
W-10067
Publisher:
Date:
2010-06-16
Copyright:
Public Domain
Retrieved From:
Federal Emergency Management Agency: http://www.fema.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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