- This topic has 1 reply, 2 voices, and was last updated 10 years, 5 months ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
-
Posts
-
I have a borrower who has renewed his flood policy on a 5+ multi-family residential for coverage of only $250,000. He was notified weeks in advance by me to increase his coverage at renewal. Do I need to force-place for the additional $250,000? Is that considered to be duplicate coverage?
If your borrower renewed the policy for less coverage than is required based on the calculation (the lesser of: the outstanding balance of the loan, the insurable value of the property or the maximum amount of insurance available) and the new coverage limits, you need to begin your force-placement procedures.
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.