Member Fee: $165
Non-Member Fee: $265
Speaker: Susan Costonis
Flood compliance is complicated! On May 11, 2022, the Agencies released revised and reorganized Flood Insurance Q&As, 144 of them to be exact! The revised FAQs address some areas that have changed since they were last updated in 2011; several FAQs apply directly to commercial property and contents coverage. Compliance with the flood insurance rules can present unique challenges in the commercial lending area. Commercial loan collateral may include a combination of residential and non-residential property, along with commercial inventory. These scenarios can create problem areas for complying with flood regulations. This fast-paced session will focus on the five top danger zones for commercial lenders to comply with complex flood insurance requirements.
These five danger zones are:
- Determining proper insurance amounts
- Calculating insurable value
- Coverage for Multiple Buildings
- Contents Coverage
- Mixed-Use Properties
- This webinar will also include highlights from the Federal Reserve’s Consumer Compliance Outlook 2022 article on Commercial Flood Insurance Compliance.
Take Away Toolkit:
- Matrix of 28 loan types; required disclosures for consumer and commercial loans with requirements for flood insurance
- Checklist for commercial loans.
- Flood insurance resources and tools for compliance