We have borrowers purchasing a home in FL, part of the deal is transferring the existing flood policy from the current owners to our borrowers.
We've been provided a completed "Transfer/Policy Assignment Endorsement Form", with an effective date of the scheduled loan closing.

My questions:
1. What is considered acceptable proof of coverage, prior to close, in this case?
Is the signed transfer form and a copy of the current declarations (in current owners name) acceptable?

Also, our borrower is escrowing for HOI premiums, requiring escrow for flood premiums. If there are any additional flood premiums to be paid, those must be paid outside of Escrow, prior to closing and then will be escrowed going forward, correct?

That should be acceptable. There should be no additional costs for this assignment of policy and any part of the currently paid flood premiums would be prorated back to the seller from the buyer at closing.

Thank you!