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#2175853 - 04/30/18 01:16 PM Catastophe Policy - 2 locations
crcmnot Offline
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Registered: 09/21/16
Posts: 218
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.

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Flood Compliance
#2175859 - 04/30/18 01:28 PM Re: Catastophe Policy - 2 locations [Re: crcmnot]
rlcarey Offline
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Registered: 07/16/01
Posts: 67904
Loc: 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.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2175863 - 04/30/18 01:33 PM Re: Catastophe Policy - 2 locations [Re: rlcarey]
crcmnot Offline
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Registered: 09/21/16
Posts: 218
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.

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#2175866 - 04/30/18 01:46 PM Re: Catastophe Policy - 2 locations [Re: crcmnot]
rlcarey Offline
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Registered: 07/16/01
Posts: 67904
Loc: Galveston, TX
A catastrophe policy usually covers perils such as flood

That is great, but is the coverage as comprehensive as a NFIP 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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#2175903 - 04/30/18 03:07 PM Re: Catastophe Policy - 2 locations [Re: rlcarey]
crcmnot Offline
100 Club

Registered: 09/21/16
Posts: 218
Yes it is.

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