Flood coverage on inventory

Answered by:

Question:

How do you deal with determining ongoing content coverage when you are taking something like inventory for collateral, which can change at any point in time. Do you need to get a list yearly from the customer?

Answer:

You do not need to monitor the collateral value on an ongoing basis. If you have a tripwire (MIRE, insurance expires, etc.) you will need to determine the content value at that time to ensure you have met the mandatory purchase requirement.
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