CC_S_205.3 Essential Commercial/Multifamily Insurance Considerations
MBA Member Price: $49.00
Nonmember Price: $79.00Purchase
This is a commercial/multifamily course.
There are many challenges that servicers face when dealing with commercial/multifamily insurance coverage in mitigating the risk of loss to lenders. In some instances the course of action is clear, but in other instances the insurance professionals may disagree about what is required for adequate protection. Frequent litigation also requires insurance providers to stay abreast of the latest legal decisions and interpretations of coverage requirements or provisions.
Essential CMF Insurance Considerations explores the most pressing insurance issues and offers servicers some potential courses of action, alternatives, methods, or approaches to successful resolution. It begins with a look at force-placed insurance and how it is used in commercial/multifamily lending. Next, the course looks at the strategies that servicers employ to ensure proper insurance coverage is secured on a property, including obtaining proper evidence of coverage and verification of compliance with lender insurance requirements. The course then explores the challenges servicers face with blanket policies, layered policies, and scheduled policies. Next, the course examines the importance of obtaining law and ordinance coverage and some of the potential risks that lenders face if this coverage is not secured. Finally, strategies that servicers employ when handling tenant insurance coverage issues are discussed.
Seat time approximately one (1) hour.