Lender Placed Flood Insurance
In 1994 the National Flood Insurance Reform Act was passed holding lenders responsible for ensuring that all properties in their portfolios are protected against floods. This means tracking the current status of the insurance covering collateral in Special Flood Hazard Areas (SFHA).
General Assurance of America offers a special product that covers most types of collateral including:
- Residential Real Estate
- Commercial Real Estate
- Mobile Homes
- Builder's Risks
- Vacant Properties
- Condominiums
- No Waiting Period
- Back Dating Available
- Replacement Cost Coverage
- Matches Coverage limits set by the NFIP
- Excess Limits available when the Borrower is short on their coverage amount
GAA has a full line of flood products available. Online access is available to place and cancel lender placed coverage for those lenders who track their insurance internally. GAA offers a full tracking program which quality exceeds all regulatory requirements.
The managers at GAA are licensed Property & Casualty agents. Each year flood conferences and continuing education courses are attended by the staff to keep current with flood regulations. This allows us to deliver superior service to our clients during regulatory audits.
