As Tropical Storm Andrea threatens the east coast, we would like to take this opportunity to remind everyone of all insurance companies’ binding authority in the event of severe weather:
• After a “severe storm”, “watch” or “warning” is issued by the NOAA National Weather Service, your insurance company will suspend binding authority for all commercial and personal lines property coverages, inland marine coverages, and physical damage coverage on automobiles. This will apply to all new risks and to any increase in values on existing risks.
• No policy or coverage may be written or bound on new business, or coverage values increased when a “severe storm”, “watch” or “warning” has been issued. When the NOAA National Weather Service withdraws the “watch” or “warning,” normal binding authority will be reinstated.
• No endorsements to existing policies may be issued or coverage bound which have the effect of increasing the property limits.
• All Flood Insurance policies have a 30 day waiting period after submission before they become effective. Please keep this in mind with the hurricane season upon us.

NOTE: For the State of Maryland, binding authority suspensions will follow the moratorium protocol established by the Maryland Insurance Administration.