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#2035465 - 08/25/15 04:21 PM Minimum deductibles
bstritecky Offline
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Joined: Feb 2005
Posts: 313
sd
When the minimum deductibles changed - we assumed as policies renewed and the deductible was less than the minimum, that new policies would be issued with the new minimums. We are seeing that our policies are being renewed at what ever the minimum as - which is could be lower than the new minimum deductibles. Is that an issue - do we need to police that? why would NFIP issue policies with deductibles less than the required minimum deductibles?

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#2035555 - 08/26/15 02:13 AM Re: Minimum deductibles bstritecky
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
Why does the bank care about minimum deductibles. If the NFIP is not suppose to issue a policy with the deductibles they have included, that is their problem. Banks should focus on what they consider their maximum deductible allowed, not minimums. Lower minimum deductibles are to the benefit of the bank and the borrower.
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#2035637 - 08/26/15 02:11 PM Re: Minimum deductibles rlcarey
bstritecky Offline
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Joined: Feb 2005
Posts: 313
sd
Thanks! My thought exactly - but audit doesn't always like my "thoughts"!!!!

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