Hi,

I am working on a commercial loan. The supermarket and retail store consist of one building. The borrower provided an NFIP for the retail store, and the tenant of the supermarket provided a private policy with the borrower/building owner as additional name insured. Is this acceptable? I thought one flood insurance policy is allowed per building.

Thank you.

Well, I have a NFIP policy on my house for $250,000 and an additional private policy up to the value of my house that has a $250,000 deductible. It might depend on their amounts and how the coordination of coverage might work.

This is not an excess policy.

The insured address on the NFIP shows 100 Main St (retail store).
The insured address on the private policy shows 105 Main St (supermarket).

The NFIP coverage amount of $500,000 is sufficient for the single building. We asked the insurance agent to amend the insured address to show 100 & 105 Main St. since it is one single building, however, the insurance agent states a policy exist for 105 and they refuse to add 105.

So i'm wondering if we can accept two flood policy?

If it is one building, then I agree. The question is, is it one building even if it looks like they are attached?