Primary Changes

• Updated Part II, Chapter 5: Property and Liability Insurance to revise guidance and requirements for:
  • Insurable Value determination;
  • Blanket Policy coverage;
  • insurance carrier ratings;
  • minimum coverage amounts;
  • deductibles;
  • ordinance or law insurance;
  • equipment breakdown or boiler and machinery insurance; and
  • catastrophic risk insurance including
    • named storm,
    • flood, and
    • terrorism.
• Updated Part V, Chapter 4: Asset Management: Loan Document Administration, Section 413: Property and Liability Insurance for:
  • aligning general insurance requirements with Part II, Chapter 5: Property and Liability Insurance; and
  • Lender placed insurance.
• Created 2 new Glossary terms for 
  • Blanket Policy, and
  • Joint Loss Agreement.

Questions

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