AmCov Information

Lender-Placed Flood Insurance and Determinations

With our Lender-Placed Flood Insurance program, we can help you comply with federal regulations while protecting the interest of your at-risk residential and commercial properties.

Convenient Insurance Coverage

The Lender is the named insured on a master policy for properties located in Special Flood Hazard Areas (SFHAs), Non-Participating Communities or Coastal Barrier Resource Areas. During the mandatory notification period, the policy fully covers all reported escrowed and non-escrowed properties, mobile and manufactured homes, REOs and residential properties.

There is no obligation — if coverage is canceled within the initial 60 days and no claims have been reported you will not be charged any premium. After the notification period, you can continue with coverage under the policy. Minimal underwriting information is required to bind the property or continue coverage, and co-insurance is not necessary. You decide the insured value of the property — replacement cost or principal balance of the loan.

Even though the policy features the convenience of immediate binding, annual premiums and minimal paperwork, there may be situations when you prefer to use a standard NFIP policy. NFIP rates are standardized, so our quotes are the same as quotes from any other source.

Optional Flood Endorsements

	•	Coverage Guaranty Endorsement (Automatic Coverage) — a form of Errors & Omissions providing coverage for properties in SFHAs that were omitted from the reporting process in error.
	•	Concurrent Coverage Endorsement provides coverage for second mortgages and home equity loans when a primary policy is in force and the property is underinsured.
	•	Special Residential Condo Endorsement helps ease the burden of tracking master association policies.

Flood Determinations

We have programs available to meet all of your flood compliance requirements.

	•	Basic and Life-of-loan determinations.
	•	Portfolio screening and auditing to identify high and low risk properties.
	•	Map monitoring to track unmapped loans in your portfolio on an ongoing basis.
	•	Multiple reporting methods available: Direct Interface/File Exchange, window based program, internet, or by fax. Whatever your preference is, we can accommodate you.

Please note that the coverage summaries provided are for promotional purposes only. For a complete product presentation with additional information please call us. Our staff is ready to assist you.