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Unanswered questions

7 Topics
zarekjarvis
Enthusiast
zarekjarvisEnthusiast
asked in Insurance Q&A
Waivers for Captive Insurers/Risk Retention Groups

Hello All! I was curious to know what your thoughts are on writing a waiver for Captive Insurers/Risk Retention Groups and what you have seen with some of the agency lenders (Fannie Mae/Freddie Mac) in regards to these types of waivers. Freddie does not have anything in their guide in regards to the policy holder surplus which is usually a problem with these type of insurers, but Fannie Mae does. Any insight would be greatly appreciated! 😊

311
Kristine Economus
Employee
9 months ago
zarekjarvis
Enthusiast
zarekjarvisEnthusiast
asked in Insurance Q&A
Ordinance and Law Missing Coverage

Hello! We are seeing a lot of waiver requests for borrowers that are unable to get ordinance and law coverage at all. Have you experienced this before, and what have you done and prepared to submit a waiver for this?

372
Simon Yiannourakos
Community Manager
1 year ago
Amol Mehta
Employee
Amol MehtaSr. Director of Customer Success
asked in Insurance Q&A
The property address listed on the ACORD

Does the loan collateral property address listed on the ACORD (or other insurance documentation) need to exactly match the address listed on the Appraisal, including abbreviations and punctation? For example, does “W” need to be updated to the full word “West”, does “Dr.” need to be updated to “Drive”, and do discrepancies with respect to periods (.) or commas (,) need to be resolved?

251
Kristine Economus
Employee
1 year ago
Amol Mehta
Employee
Amol MehtaSr. Director of Customer Success
asked in Insurance Q&A
The Named Insured listed on the ACORD

Does the Named Insured entity listed on the ACORD (or other insurance documentation) need to match the Borrower Entity listed on the loan documentation including punctation such as commas (,)?

141
Kristine Economus
Employee
1 year ago
Amol Mehta
Employee
Amol MehtaSr. Director of Customer Success
asked in Insurance Q&A
Terrorism coverage language listed on the ACORD

Does language such “Terrorism is included” on the ACORD need to be updated to “Terrorism is included in General Liability and Umbrella”?

51
Kristine Economus
Employee
1 year ago
Amol Mehta
Employee
Amol MehtaSr. Director of Customer Success
asked in Insurance Q&A
Liability deductible listed on the ACORD

Does language such as “0 Liability deductible” on the ACORD need to be updated to “0 General Liability deductible”?

61
Kristine Economus
Employee
1 year ago
Amol Mehta
Employee
Amol MehtaSr. Director of Customer Success
asked in Insurance Q&A
AOP Deductibles listed on the ACORD

Does the AOP deductible need to be explicitly stated on the ACORD for Ordinance & Law, Coverage B&C?

161
Kristine Economus
Employee
1 year ago

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