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Flood policy in Lesse's name not Borrower's

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  • March 13, 2014 at 10:01 am EDT #5596
    Anonymous
    Inactive

    The structure is in a flood zone and is leased to a business. Can the flood policy be in the name of the lesee instead of the name of our borrower, as long as the bank is listed as mortgagee?

    March 13, 2014 at 2:31 pm EDT #5604
    rcooper
    Member

    If the lessee doesn’t have an ownership interest in the building the policy shouldn’t be in the name of the lessee. I suggest reading/finding out more about the lease to determine if the lessee does have an ownership interest in the building.

    The lessee can have insurance on the contents.

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