FDIC FAQs – How can a bank prove that flood insurance coverage is in place?

Compliance > Lending > Flood > FAQs
Q:  How can a bank prove that flood insurance coverage is in place?
 
A:    For a new policy, proof of insurance consists of a copy of the written application and the method of premium payment, for example, a copy of the check.  For an existing policy, proof of insurance consists of the declarations page which includes the policy number and certain information about the insurance company or agent.
 
 
 
ADDITIONAL INFORMATION:
This Q&A was included in the FDIC’s Flood Insurance Videos, which were updated in 2016, which may be found here:   https://www.fdic.gov/news/news/financial/2016/fil16018.html
 

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