Here's my list of "new" issues that have recently arisen:
1. For contents coverage, am I correct that if we don't perfect our secured interest, that flood insurance is not required?
2. I'm having trouble finding a good definition of "contents", since some contents might be affixed, some not. The "Mandatory Purchase" guide refers to "movable property" as contents. Is that a good choice of words, so that we can exclude contents that are affixed?
3. One of our commercial mortage documents contains a cross-collateralization clause that includes just about everything in the building; furniture, fixtures, receivables, inventory, etc. If this building is in a flood zone, must we require flood coverage on the contents due to this clause? OR, only if we perfect our interest?