501.01H

Evidence of Insurance

Requirements

You must:

  • have:
    • temporary or permanent evidence of insurance when the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. closes;
    • permanent evidence of insurance within 90 days after Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. DeliveryDeliverySubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction.; and
  • comply with the following Acceptable Evidence of Insurance table. 
Acceptable Evidence of Insurance
Acceptable Temporary Evidence Forms Acceptable Permanent Evidence Forms
  • ACORD 28 Evidence of Commercial Property Insurance (most recent version or, if applicable, the state-approved form), combined with ACORD 25 Certificate of Liability Insurance.
  • ACORD 75 Insurance Binder.
  • If an ACORD certificate is unavailable, a joint letter from the Borrower and its licensed insurance broker/agent certifying that all coverages, terms, and conditions meet the requirements.
  • For NFIP flood insurance:
    • the Policy Declaration page; or
    • a copy of the signed application and proof of payment.
  • An original or duplicate copy of the insurance policy.
  • For a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). securing a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. with a UPBUPBUnpaid Principal Balance:
    • less than or equal to $10 million, the MBAMBAMortgage Bankers Association Evidence of Insurance - Commercial Property Form; or
    • greater than $10 million, or for blanket policies with multiple layers, duplicate copies of the primary insurance policies, which should:
      • include a letter (signed and dated on company letterhead) from an individual authorized to execute evidence of insurance on behalf of the insurance carriers issuing each policy;
      • state that all policies follow the same terms, conditions, and exclusions as the primary policy, with any differences specified; and
      • for NFIPNFIPProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. flood insurance, include the Policy Declaration page.

You must not submit any of the following.  These are unacceptable forms of permanent evidence:

  • insurance policy declarations pages (except for an NFIPNFIPProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. policy);
  • single policy endorsement;
  • insurance binders; and
  • certificates of insurance.