Is an "All Risk" policy one that covers hazard and flood acceptable for flood insurance?
In researching a blanket insurance policy, it says it covers everything under the property. Does that include Flood Insurance or is a separate rider required?
We requested a flood certification from a vendor which came back saying they needed time to research. In the meantime, we submitted the request to another vendor. The initial request came back with the property in a flood zone whereas the second request came back not in a flood zone. We have a flood certification dated June 2008 from the original vendor for the same property showing that the property is not in a flood zone. We have life of loan monitoring and have not received any updated information from them. How should we proceed?
Can a lender substitute a DIC insurance policy for a NFIP policy on commercial loans?
We have a borrower that has flood insurance in place. While reconciling the flood determination to the insurance policy, I noted that the firm zones did not match. I brought this to the attention of the insurer who submitted the information to FEMA. I was copied on a letter from the insurer to the borrower requesting an additional premium as the firm zone was changing. Do we need to issue a 45 day letter because we are aware that an additional premium is owed and if so, what amount would we have to force place?
My question pertains to flood and it's personal. I recently applied for a home equity loan with a credit union. When the lender ran the flood determination, it stated that my home is in a flood zone. It's not. I live on a street that was divided by a new road several years ago (before my home was even built). The street name on both sides of this new highway is the same. On the side opposite from me, the street slopes down sharply toward the river and is clearly in a flood zone. I have looked at the flood maps on FEMA's website and have even sought the opinion of my county's flood plain coordinator. He agrees with me that my home is clearly not in the flood zone, but because my street address is used in the flood determination and because the flood map does not even label the street on my side of the new road, the flood certification states that my home is in a flood zone. What can I do to resolve this situation?
If a bank has a customer that was located and insured in flood zone AE, but due to a recent flood map change is now in flood zone VE, does the grandfathering rule apply? If so, is the requirement that the insurance premium stay at the AE zone rate, but the property still needs to be insured for zone VE or will FEMA pay for a VE loss even though it has been insured as an AE zone?
We recently conducted an audit of our flood records and found a file that has a standard flood report noting the property is in a flood area. The loan is a land loan, but has an old literally falling down house on it. The officer of record went to view the property, took pictures and wrote a memo stating that the house was above the elevation and not in a flood area. Could we send the required notice, consult an insurance agent and let them give us a letter that they would not insure it to place in the file? Would that work?
If we order a flood certification and the zone differs from the zone determined by the insurance company, what do you do?
We have a loan with a property that was not in a special flood hazard area at the time it closed. Subsequently, ten years later, as a result of the flood map changes by FEMA, the property now lies in a SFHA. We were notified by our flood provider and we sent out a letter and the flood notice to the borrower. In this scenario, is it required that a signed copy of the notice be on file or would the letter alone be sufficient?