CC_S_205.2 Types of Commercial/Multifamily Insurance
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| Option | Price |
| Member | $50.00 |
| Non-Member | $100.00 |
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 coverage based on the nature of the business, location, property type, and risk factors tied to the security instrument. The servicer is responsible for determining whether the insurance coverage in place is in compliance with the requirements set by the lender. Additionally and separately, the servicer is responsible for maintaining certain required corporate coverage.
Types of Commercial/Multifamily Insurance explores insurance coverage requirements. It begins with a look at how coverage requirements are determined and documented. The course then delves into various types of property-related insurance and coverage, including fire/hazard, catastrophic event, mold, environmental, equipment breakdown, loss of rents and business interruption, builder’s risk, and difference in conditions. It then reviews types of liability insurance. Finally, the course explores the documentation that servicers use in obtaining evidence of proof of coverage.
This is a commercial/multifamily course.
Topics:
Seat time approximately 2 hours.
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