If your collateral is the note receivable your customer has with someone else, you do not. I had to research this before, but I can't put my hands on the source document right now.
Personally, from a safety and soundness perspective, that dirt may be your underlying collateral and should, in my opinion, be checked and insured if need be.
But since that dirt is not your actual collateral, the answer is no.
Opinions stated are not necessarily that of my employer.