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#2127739 - 04/24/17 07:44 PM Flood Insurance/ Assured?
parr04 Offline
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Joined: Aug 2004
Posts: 394
oklahoma
We have a loan to a commercial builder to build a custom home for Mr. Smith.
Mr.Smith already owns the property on which the house will be built and is going to pledge it on the loan.
The property is located is a SFHA area. In a situation like this who should be the insured on the flood insurance policy, the builder to whom the loan is made to or Mr. smith the owner of the property?

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Flood Compliance
#2127772 - 04/24/17 08:36 PM Re: Flood Insurance/ Assured? parr04
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
An owner has to be the named insured on a flood insurance policy.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2127776 - 04/24/17 09:08 PM Re: Flood Insurance/ Assured? rlcarey
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 394
oklahoma
Who signs the acknowledgment page of the flood certification the owner or the borrower?

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#2127784 - 04/24/17 10:01 PM Re: Flood Insurance/ Assured? parr04
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
It is a "Notice to Borrower"
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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