CC_S_205.2 Types of CMF Insurance

Member Price: $49.00

Nonmember Price: $79.00

Product Code: DL2-011231-WC-W

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This is a commercial/multifamily course.

A borrower's company, organization, partnership, etc., can be very successful and structured in a way that makes the borrower suitable for a commercial/multifamily mortgage deal. However, without the proper insurance coverage, unforeseen losses can seriously impact the property value and lender investment. Therefore, the loan documents require that the borrower maintain standard and more specific insurance coverages based on the nature of the business, location, and property type tied to the security. The servicer is responsible for determining whether the insurance coverage in place is in compliance with the requirements set by the lender. Additionally, the servicer is responsible for maintaining certain required corporate coverage.

Types of CMF Insurance explores insurance coverage requirements. It begins with a look at how coverage requirements are presented in the loan documents, servicing agreements, agency guidelines, and best practice standards. The course then delves into the various types of property and liability insurance and their related coverage requirements, including fire, hazard, loss of rents, business interruption, equipment breakdown, catastrophic events, mold, environmental issues, difference in conditions, and builder’s risk. Finally, the course explores the documentation that servicers use in obtaining evidence of proof of coverage..

Topics:

  • Identifying Coverage Requirements
  • Types of Property Insurance Coverage
  • Types of Liability Insurance Coverage
  • Proof of Coverage

    Seat time approximately one (1) hour.

    Copyright 2016.

  • Notes

    This is a self-paced, self-study course. Enroll anytime and take up to 12 months to complete the course.

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