We are doing a loan secured by real estate located in a SFHA. There are several structures on this property including five (5) large grain bins. I believe each one will have to be insured on a separate policy due to NFIP regulations. Is this correct?

Yes. Grain Bins are considered eligible structures if they are being used for ag/business purpose.

Absolutely!

I understand the grain bins must have flood coverage. My question is this: would each grain bin have to be covered on a separate NFIP policy or would they qualify for this found in the FEMA General Rules from October 2012:
Scheduled Building Policy
The Scheduled Building Policy is available to cover
2 to 10 buildings. The policy requires a specific
amount of insurance to be designated for each
building. To qualify, all buildings must have the
same ownership and the same location. The
properties on which the buildings are located must
be contiguous.

In my 30 years, I have never seen one. They still need to submit a separate flood insurance application for each building. If you get a scheduled building declaration page back or individual declaration pages for each building from the NFIP you would run with it. It really isn't up to you.

I have never seen a Scheduled Building Policy either. Been doing this since 1990.

Would flood insurance be required for an old grain bin on a property that is not of use anymore. It is more of just an antique and rustic eye piece but is still on the property?

In NFIP Regular Program community or Emergency Program community, provides building coverage and/or contents coverage for these and similar non-residential risks:

• Hotel or motel with normal guest occupancy of less than 6 months;
• Licensed bed-and-breakfast inn;
• Retail shop, restaurant, or other business;
• Mercantile building;
• Grain bin, silo, or other farm building;

If it's rusted out, I'd take pictures and document why it is likely uninsurable. If it's useable, regardless of whether it IS used or not...then it needs insurance.

If we have an appraisal that states no measurable value for a grain bin, tin building and several block buildings, is it acceptable to not require flood insurance? We have gone back to the appraiser to obtain values to determine insurable value for flood insurance and the appraiser stated these buildings were not valued due to them having no contributory value to the collateral.

is it acceptable to not require flood insurance?

No - get an insurance agent involved for valuation.

no contributory value to the collateral.

That has absolutely nothing to do with flood insurance requirements. They (the buildings/bins) have value and you must determine what that value is for flood insurance purposes.

If the bins flooded, they have value to the owners. It's the lender's responsibility to determine a good faith value - not the value in comparison to other collateral.