Skip to content
BOL Conferences
Thread Options
#2243624 - 10/06/20 06:54 PM Condo Policies and Private Insurance
Cloud9 Offline
100 Club
Joined: Jul 2008
Posts: 208
I perform a second review of flood insurance renewals. I have had several instances where loans are secured by condominium units with either Commercial Property Insurance (which includes Flood coverage) and/or Condominium Association Flood Insurance policies each with the Condo Association as the insured. The person who ensures the policies are renewed is also sending me a Mandatory Acceptance and Discretionary Acceptance checklist. I asked why they were completing the checklists and they said because there is no HFIAA charge on the policy. I don't think that Condo policies have anything to do with Private Flood Insurance and require use of the checklists. Am I wrong? Thank you in advance for your assistance.

Return to Top
Flood Compliance
#2243633 - 10/06/20 07:20 PM Re: Condo Policies and Private Insurance Cloud9
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Not sure I understand, but if you are accepting a private policy for a condo - whether from the condo association or not, the policy still needs to be reviewed for acceptability under the acceptance guidelines. If you are getting a policy for an individual unit - you might as well make an unsecured loan from a risk standpoint.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top