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Flood policy in Lesse's name not Borrower's

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  • #5596
    Larette
    Participant

    The structure is in a flood zone and is leased to a business. Can the flood policy be in the name of the lesee instead of the name of our borrower, as long as the bank is listed as mortgagee?

    #5604
    rcooper
    Keymaster

    If the lessee doesn’t have an ownership interest in the building the policy shouldn’t be in the name of the lessee. I suggest reading/finding out more about the lease to determine if the lessee does have an ownership interest in the building.

    The lessee can have insurance on the contents.

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