Has anyone done this? We have a blanket policy for the bank on autos, as long as we have the initial insurance certificate we don't have to track if they keep it or not and our loss would be covered by our blanket policy. Management is looking to do the same on real estate at this time and I was wondering if anyone has any experience or thoughts on it??

Recommend you check with your regulators before abondoning the tracking. If you do not want to track insurance yourself, there are outside vendor partners that can assist.

Our examiners always check our insurance tracking (hazard & flood) despite the fact we have a sizeable master policy that is supplemental to individual borrower's insurance.

We have just started using the Blanket policy. I spoke with out examiners and they didn't seem to have a problem with that. I'll let you know in July when they come for a "visit". Any questions email me at marsha.shelton@united-bk.com

At a prior bank we did this for years on real estate (hazard, not flood) and never had a problem with the OCC. They cared that they bank's risk was covered. We did have certain things that had to be checked at the inception of a loan but it is an efficient method.

It is acceptable for all hazard insurance other than flood - no exceptions there - you have to track and require the borrower to purchase.