Common use of RENEWABILITY Clause in Contracts

RENEWABILITY. The MPPP policy is a 1-year policy. Any renewal of that policy can occur only following the full notification process that must take place between the lender (or its authorized representative) and the insured/mortgagor, when the insured/mortgagor has failed to provide evidence of obtaining a substitute flood insurance policy.

RENEWABILITY. The MPPP policy is a 1-year policy. Any renewal of that policy can occur only following the full notification process spelled out in Addendum 2 that must take place between the lender (or its authorized representative) and the insured/mortgagor, when the insured/mortgagor has failed to provide evidence of obtaining a substitute flood insurance policy.