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Customer who Refuses to Purchase Flood Insurance

Answered by: 
Dan Persfull

Question: 
We have a customer who refuses to purchase flood insurance (Zone A); required notices were sent out, with no action. However, we have now been told by three different insurance companies that they will not force-place flood insurance for banks. What are our options? Is this something that is common in the insurance industry?
Answer: 

I have never heard of this. I would report these companies to FEMA. As WYOs I'm not sure if they would be obligated to do so under the NFIP contract with FEMA.

Check BOL's Vendor connect for possible providers. If none found we use:

Associate Underwriter
Insurmark Agency
4 W. Main Street, Suite 600
Springfield, OH 45502
Phone: (800)833-5912 x132

First published on BankersOnline.com 7/11/11

First published on 07/11/2011

Filed under: 
Compliance
Filed under compliance as: 
FEMA
Flood

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