Primary Changes

• Edited Part II, Chapter 5: Property and Liability Insurance to:
  • update information for: 
    • general insurance; 
    • insurance exceptions; 
    • minimum coverage amounts; 
    • ordinance or law insurance; and
    • catastrophic risk insurance including
      • windstorm, 
      • flood,
      • earthquake, and
      • terrorism;
    • liability insurance including
      • general commercial, 
      • professional, and
      • commercial auto liability; and
    • seismic hazard and risk factors; 
  • add new information for
    • deductibles, and
    • Risk Retention Groups and Captive Insurers; and
  • move various asset management requirements to Part V, Chapter 4: Asset Management: Loan Document Administration. 
• Updated Part V, Chapter 4: Asset Management: Loan Document Administration, Section 413: Property and Liability Insurance for:
  • timelines; 
  • insurance exception documentation; 
  • Captive Insurers; and
  • Unrated Risk Retention Groups and Captive Insurers.

Questions

Please contact Jennifer Clements at (202) 752-5988, or [email protected], with any questions.