Skip to content
BOL Conferences
Thread Options
#2032256 - 08/06/15 09:12 PM multiple buildings in a flood zone
newyork Offline
Gold Star
Joined: Aug 2008
Posts: 447
on a loan with multiple buildings and a are in a flood zone, can the loan have one flood policy with coverage for multiple buildings ?
or do I need a separate flood policy for each individual building on the loan?

Return to Top
Flood Compliance
#2032258 - 08/06/15 09:35 PM Re: multiple buildings in a flood zone newyork
Jade'sFire Offline
Gold Star
Jade'sFire
Joined: Apr 2012
Posts: 369
Yaven IV
You will not be able to cover multiple structures under one policy.
You may want to search the Flood forum for "multiple properties" "detached structures" etc. You will see from other posts that the type of structure (commercial residential) will also affect the coverage requirements.
_________________________
"It's time for the Jedi to end."
Luke Skywalker

Return to Top
#2032430 - 08/07/15 06:22 PM Re: multiple buildings in a flood zone newyork
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Technically, the NFIP does write policies that cover multiple buildings, although I have never seen one.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2032526 - 08/07/15 09:21 PM Re: multiple buildings in a flood zone newyork
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I have never seen one either. A few years ago, I even placed a poll here at BOL asking if anyone had seen one. No one had.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#2098359 - 09/13/16 11:43 PM Re: multiple buildings in a flood zone newyork
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
We have a borrower with 5 properties and a private flood insurance policy through Lloyds. Initially, they were going to give us 5 flood policies, but now the insurance company wants to put all 5 properties on one flood policy. Since this is a private policy, is that okay? We would make sure each property is specifically identified and has a designated coverage amount, and that the total amount of coverage covers all 5 properties. We've already vetted the policy for the "6 criteria" and have approved it. Just wondering now if there are any compliance implications with 5 properties on one private policy? Thank you!

Return to Top
#2098360 - 09/13/16 11:50 PM Re: multiple buildings in a flood zone newyork
GuitarDude Online
Power Poster
GuitarDude
Joined: Nov 2004
Posts: 5,925
So Cal
Multiple properties is not a problem on a private policy. It is just the NFIP policies that do not allow them.
_________________________
I've just writed a wrong.

Return to Top
#2098361 - 09/13/16 11:54 PM Re: multiple buildings in a flood zone newyork
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
Thank you!

Return to Top
#2251285 - 03/26/21 01:24 PM Re: multiple buildings in a flood zone newyork
Compliance NABW Offline
Diamond Poster
Joined: Oct 2015
Posts: 1,668
I have seen a few NFIP policies when I was an OCC examiner with multiple buildings. This was for commercial property though. Not sure if that is being referred to above.
Last edited by Compliance NABW; 03/26/21 01:32 PM.
Return to Top