|Event Date||Mon May 3 EDT (6 months ago)|
The flood insurance rules can be confusing, vague, and deceptively simple. In addition to the July 1, 2019 requirement that we accept private flood insurance if it meets certain requirements, institutions are regularly faced with questions that have no easy answers. Also, our requirements sometimes conflict with what an insurance company/agent is willing to do. With the threat of civil money penalties (which the agencies are not shy to impose) always hanging above our heads, it is critical for us to not only understand the basic requirements, but also the difficult ones.
This two-hour webinar will provide a review of the areas that perhaps give us the most trouble. We’ll review issues that we’ve always had as well as aspects of the new private flood insurance rule and how it may be difficult. In doing so, we’ll review the Interagency Q&As, speak to the proposed revisions to the Q&As, and certain portions of the Flood Insurance Manual.
HERE IS WHAT YOU WILL LEARN:
• Acceptance of private flood insurance rules.
• Definition of building; Eligibility.
• Construction loans – eligibility; when to require evidence; escrow.
• Determinations - relying on previous determination; renewals; multiple buildings.
• Timing of notice.
• Calculation of required insurance.
• What is insurable value?
• Multiple buildings; Contents coverage.
• HELOCs; Subordinate liens.
• Residential Condominium Assoc Policies (determining sufficiency).
• Requiring supplemental flood insurance.
• Low value buildings.
• Evidence of insurance; Resolving deficiencies.
• Force-placement/Problem with Blanket Coverage your questions.