We currently have 2 loans secured by condo units in the same complex. Up until this point the condo association has maintained a RCBAP policy to cover the entire complex so we had sufficient flood insurance coverage. We were just made aware by one of our borrows that the condo Association has voted NOT to renew the RCBAP policy this year. From what I've read on BOL threads, single dwelling policies on units are basically worthless without an underlying RCBAP. My senior lender is wanting to send out a letter to the COA to try and require them to maintain the RCBAP policy. Can we do this? I know we don't have much authority over the COA since they are not our borrowers but we thought it might be worth a try. Has anyone else ever had this happen? Or have any other suggestions?

Send a letter to both of the borrowers telling them you are calling their loans for lack of flood insurance. They need to deal with the COA and not the bank.

We have seen several condo associations either drop their RCBAPs altogether or replace (sometimes mid-term)with a private carrier such as Lloyds.
The concern I have is that all of these Lloyds policies are manuscript and the coverage can be completely different on each one.
In one situation, the association moved mid-term and the contract is unclear whether it covers the ground floor and does not define consequential damage. We can't tell if collapse is covered. Without first floor coverage and no collapse, what do they really have? Do we wait until there is a claim to find out?
The association is only worried about price and the cancellation, non renewal verbiage is reasonable. Its the coverage itself that is lacking.
The premium is half the cost of NFIP.
How are others handling this? Am I missing something?