Flood policy in Lesse's name not Borrower's

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

Anonymous
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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?
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March 13, 2014 at 2:31 pm EDT #5604

rcooper
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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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