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Flood Risk Mitigation Programs
Regulatory mandates placed on the financial
institution dictate specific actions be taken on
properties residing in a Special Flood Hazard Areas
(SFHA zones). Our programs are designed to deliver
results that ensure compliance with all regulatory
and investor agencies. Our Lender Placed programs
offer a conduit through which flood insurance can be
placed on SFHA properties maintaining compliance
within your loan portfolios. This program is
utilized by our lending partners to resolve
uninsured or underinsured property issues when your
borrowers do not have the appropriate flood
insurance in effect and have not responded to
previous notices that flood coverage is required.
Other Program Options Include:
Flood Deficiency Insurance – Flood GAP provides
protection from underinsured properties by providing
coverage for the difference between the amount of
insurance you require (i.e., replacement cost or
loan balance, up to the maximum limit available
under the NFIP) and the coverage amount of your
mortgagor's primary flood policy.
Flood GAP also protects you against any co-insurance
penalties imposed through NFIP policy language
defining adequate coverage amount. Flood GAP helps
the lender and mortgagor recover from the effects of
a flood by providing claim benefit for that portion
of repairs which was not paid by the primary flood
policy due to deficient coverage amounts.
Blanket Flood Insurance – Portfolio blanket programs
are available for special risk scenarios to cover
flood risk not addressed by other program options.
Regulatory and Investor requirements must be
thoroughly examined in order to understand the
appropriateness for this type of program.
** alternative to lender-placed flood coverage that
protects the entire loan portfolio eliminating the
need to track insurance and order or place
coverage on individual properties
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