I believe it is a contractual issue and a matter of "reasonable" time to cure. So long as those tests are met, and the insurance requirement is clearly stated in the contract, you'll be OK.
It has been several years since I dealt with this and I am now at the point where I can hide my own Easter eggs, so I could be forgetting something.
I assume you mean insurance on standard collateral, not RE and flood insurance. Flood has a series of letters and a specific timeline to follow.
One might assume that using that as a standard may be a good idea for other collateral.
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Andy Zavoina
Opinions stated are not necessarily that of my employer.