Skip to content
BOL Conferences
Thread Options
#2175853 - 04/30/18 05:16 PM Catastophe Policy - 2 locations
crcmnot Offline
Gold Star
Joined: Sep 2016
Posts: 351
We have a loan that is secured by two different residences. The dwellings are listed as location #1 and #2 on a Lloyd's of London Catastrophe policy with individual limits of insurance & deductibles for both locations. Do we still need to have separate policies for each building although this is not a 'regular' NFIP policy? Thank you.

Return to Top
Flood Compliance
#2175859 - 04/30/18 05:28 PM Re: Catastophe Policy - 2 locations crcmnot
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Not knowing what a "catastrophe" policy might be, it is hard to say. If it otherwise meets whatever you have determined is acceptable from a private flood insurance policy perspective, it is not unusual for private policies to cover multiple buildings.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2175863 - 04/30/18 05:33 PM Re: Catastophe Policy - 2 locations rlcarey
crcmnot Offline
Gold Star
Joined: Sep 2016
Posts: 351
A catastrophe policy usually covers perils such as flood, earthquake, wind, fire, etc. and Lloyds of London is one of the major underwriters for these.

Thanks for validating my thoughts. I know they have to be on separate polices under the NFIP and wasn't sure about the private policies.

Return to Top
#2175866 - 04/30/18 05:46 PM Re: Catastophe Policy - 2 locations crcmnot
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
A catastrophe policy usually covers perils such as flood

That is great, but is the coverage as comprehensive as a NFIP policy?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2175903 - 04/30/18 07:07 PM Re: Catastophe Policy - 2 locations rlcarey
crcmnot Offline
Gold Star
Joined: Sep 2016
Posts: 351
Yes it is.

Return to Top