terpsfan
Diamond Poster
Joined: Feb 2007
Posts: 2,059
If the we show the property as a AE and the policy has a risk rate of AE but the current zone on the policy is listed as VE would this need to be reconciled
We have a similar situation. The flood determination shows Zone AE, however, the insurance shows Zone A5. As long as the insurance is showing a zone within A, does it need to be reconciled?
So as long as the flood determination is showing A?, the insurance just needs to show A? The second character of the zone is irrelevant? Can you point me to where this is stated?
#2119881 - 02/28/1708:37 PMRe: Zone Discrepancy terpsfan
Soccer
Diamond Poster
Joined: Jan 2010
Posts: 1,028
Utopia
I am in the middle of a flood review and have discovered the following:
Our determination states property in zone A, there are five buildings on the particle and all of the dec pages are showing zone C. I spoke to the loan officer who contacted the insurance agent and the agent pulled a determination which shows zone C. I verified the address to ensure it was correct. My understanding is only a LOMA can change our determination from A to C. Is this correct?
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You need to contact your flood vendor and find out why they are reporting zone A. I would not rely on the insurance agent. You might also ask for an aerial to show that none of those five buildings are in zone A. I've had this happen on a large parcel where the insurance agent is looking at the lower left corner of the property and the determination looks at the structure in the flood zone in the upper right corner. The flood zone may very well dissect the property.
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