Maybe...... There are isolated instances that this high of a deductible could be appropriate based on the collateral value, amount of coverage and capacity of the borrower.
If your bank considers the insurance inadequate a 45 day letter is most definitely in order.
On the other hand, if Management is willing to accept the risk and considers the deductible appropriate I would document the loan file indicating this because examiners will most likely question a deductible this high.