Force Placed Flood – Commercial

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This topic has 1 reply, 2 voices, and was last updated 10 years, 10 months ago by rcooper.

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

shelia
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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.
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August 15, 2014 at 10:09 am EDT #6271

rcooper
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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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