We have a borrower with property in an area that has been designated as a flood zone. The property is a condo on the 9th floor of the building. We also have a copy of the master insurance plan for the condo association. This includes flood insurance and also specifically mentions that condo and our borrower as being covered. Our bank is also listed as the loss-payee.
My question....do we still need to get a separate flood insurance policy?

Not if the condominium association carries sufficient coverage as defined by the regs.