West Virginia Code 33-49-6 – Notice of cancellation or nonrenewal
Current as of: 2023 | Check for updates
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A policy, endorsement or contract providing coverage for the peril of flood must require the insurer to give 45-days' prior written notice of cancellation or nonrenewal to the insured and any regulated lending institution or federal agency that is a mortgagee. An insurer or insured may cancel during the term of the policy or upon renewal if the cancellation is for a valid reason under the National Flood Insurance Program.
Terms Used In West Virginia Code 33-49-6
- Contract: A legal written agreement that becomes binding when signed.
- flood: means a general and temporary condition of partial or complete inundation of two acres or more of normally dry land area or of two or more properties, at least one of which is the policyholder'. See West Virginia Code 33-49-2
- insurer: means an insurer that is subject to the provisions of this chapter and is offering flood insurance pursuant to this article: Provided, That a surplus lines insurer offering flood insurance pursuant to this article is exempt from the requirements of this chapter but subject to laws and rules applicable to surplus lines insurers. See West Virginia Code 33-49-2
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.