I can't say that I have but if the occasion ever arose I would insist getting our attorneys involved to draft an agreement to make sure the bank is protected just in case a part of our collateral was destroyed and the "self insurer" decided they didn't want to rebuild that particular piece of collateral.
If flood insurance is involved then there is no way under any circumstance you can accept a self insured situation, unless you are dealing with state owned property and they (the state) have an adequate self-insured program in place.
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The opinions expressed are mine and they are not to be taken as legal advice.