Hello,
We received 2 private policies for one commercial property in a SFHA and one is referred to as the policy and the other as an excess policy. I've not seen an excess policy before so I'm wondering if it "attaches" to the main policy?
The policy reflects $1M coverage, RCV of $1,443,000, flood zone X (incorrect) and has the compliance aide statement.
The excess policy by Lloyds states the maximum amount of coverage would be $443,000, it reflects zone AE (correct) but I don't see the compliance aide statement on it. When we do the lessor of 3 test, the maximum coverage of $500,000 would be what we require. Does this mean we have $1,443,000 of coverage?
Also, the flood zone on the determination must match the policy regardless if it's a NFIP or private policy, correct?