Thread Starter: Ishmael
Title: Re: Tricky Commercial Flood Question
|
Without being more than generally conversant in flood issues, I've scoured the threads and have a coverage amount question on three commercial condos. The facts:
*bank holds loans on 3 units in 16 unit commercial building. Loans are each roughly only $25K.
*RCV $1.5MM
*After some shenanigans, there's General building coverage of $295K. Why that number, I don't know.
Question: is there a coverage shortfall? (I think so, and that $500K coverage is needed, but I frankly can't cleanly articulate why). If so, how can it be addressed? I think that only the Association can purchase NFIP building coverage, and individual owners can only purchase contents coverage. I think that unit owners can pressure the Association to purchase adequate coverage, but otherwise have no leverage. Am I way off base? Seeking a sensible solution for these borrowers. Any thoughts appreciated!
(Never have quite understood the Anonymous feature, but that's OK).
|
|
|
|
