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#278683 - 11/22/04 11:10 PM flood insurance - we have the climate control sys
Burgess Offline
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Joined: Jan 2004
Posts: 1,621
Do we have flood insurance issues if our collateral is only the climate control system - basically the software and a control box that runs the a/c and furnace (which we don't have as collateral)
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Lending Compliance
#278684 - 11/22/04 11:23 PM Re: flood insurance - we have the climate control sys
someone else Offline
Power Poster
someone else
Joined: Aug 2004
Posts: 3,300
back to my roots
A climate control system is your collateral ?
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#278685 - 11/22/04 11:31 PM Re: flood insurance - we have the climate control sys
Burgess Offline
Diamond Poster
Joined: Jan 2004
Posts: 1,621
yes, it is a climate control system, that may also include the lights. the system is afixed to the building.
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My views, not my employer's views.

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#278686 - 11/23/04 01:47 PM Re: flood insurance - we have the climate control sys
pjs Offline
10K Club
pjs
Joined: Aug 2004
Posts: 10,321
oHiO
and I thought taking a sick horse as collateral was crazy.

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#278687 - 11/23/04 02:03 PM Re: flood insurance - we have the climate control sys
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
Quote:

Do we have flood insurance issues if our collateral is only the climate control system - basically the software and a control box that runs the a/c and furnace (which we don't have as collateral)



No, unless you also have a lien on the structure where the climate control system is housed. The control system alone would not trigger flood insurance requirements.
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