Evidence of Insurance

Guidance

For temporary evidence of insurance, the following forms are acceptable:

• 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;
• MBAMBAMortgage Bankers Association Evidence of Insurance – Commercial Property Form; and
• if an ACORD certificate is not available, a joint letter from the BorrowerBorrowerPerson who is the obligor per the Note. and its licensed insurance broker/agent certifying that all coverages, terms, and conditions meet the requirements.

For permanent evidence of insurance, the following forms are acceptable:

• An original or duplicate copy of the insurance policy.
• For PropertiesPropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). securing Mortgage LoansMortgage LoansMortgage 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 of $10 million or less, the MBAMBAMortgage Bankers Association Evidence of Insurance – Commercial Property Form.
• For PropertiesPropertiesMultifamily 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 in excess of $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; and
  • state that all policies follow the same terms, conditions, and exclusions as the primary policy, with any differences specified.
• For NFIPNFIPProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. flood insurance, the Policy Declaration page.

The following are not acceptable 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.

If an MBAMBAMortgage Bankers Association Evidence of Insurance - Commercial Property Form is used, it should:

• be the most recent version or, if applicable, the state-approved form;
• be completed in its entirety;
• have an original signature of an individual authorized to execute the Evidence of Insurance on behalf of the insurance carriers issuing each policy; and
• in states where the form is filed and approved, be on the appropriate state form.

Some insurance carriers use boilerplate policies that do not change from year to year.  In such cases, you should keep a specimen kit or library of such policies and endorsements and may place only the renewal Declarations Page in your Servicing FileServicing FileYour file for each Mortgage Loan serviced. as permanent evidence along with a list of endorsements.