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Insurance Company Requirements

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  • May 22, 2014 at 9:37 am EDT #5900
    tlogue
    Member

    Is the bank required to follow up with the insurance companies that insure our flood properties to confirm they are submitting their required notices under Biggert Waters?

    Thanks

    May 23, 2014 at 9:43 am EDT #5910
    rcooper
    Member

    I don’t believe you are required to, but I don’t see a problem with contacting the insurance companies if you choose to do so. Also, you should be prepared to start the 45 day notification process for your borrowers that are underinsured as of the effective of June 1, 2014.

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