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Force Placed Flood – Commercial

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  • August 14, 2014 at 4:21 pm EDT #6267
    shelia
    Member

    We have learned that on a commercial building loan the flood insurance is for an inadequate amount. My question is whether we are required to follow the notification rules for force placement on commercial loans and waiting to charge the customer for the force placed insurance.

    August 15, 2014 at 10:09 am EDT #6271
    rcooper
    Member

    The flood requirements rules apply to any designated flood loan regardless of purpose, so yes you would need to follow the force-placement requirements.

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