Loan secured by a commercial warehouse that is the flood zone.
Loan amount is $600,000
NFIP maximum: $500,000
The customer has a current private flood insurance policy but the coverage needed to be increase. On my coverage worksheet, I concluded $500,000 was the coverage amount required. However, I started over thinking this and thought I couldn't use the NFIP maximum since it was a private policy.
Thanks for the clarification