Indianapolis, IN -- The National Flood Insurance Reform Act was made law in 1993, and still today there are bankers, loan and compliance officers and others who are unsure of what the law requires of them and their institutions. Representatives of the National Flood Insurance Program (NFIP) have announced two upcoming seminars designed to address these and related issues with local lenders and others interested in learning more about NFIP.
Half-day seminars are scheduled in Terre Haute on Tuesday, July 23 at the Vigo County Public Library, One Library Square and in Fort Wayne on Wednesday, July 24 at the Holiday Inn at 300 E. Washington Blvd. There is a $25 seminar fee, and those interested are encouraged to pre-register by calling Independent Insurance Agents of Ohio (IIAO) at 800 282-4424. Each three-hour session will begin at 9 a.m. with a registration period 30 minutes prior.
Topics to be covered at each NFIP lenders' workshop will include: when and where flood insurance is mandatory; how much coverage is required; proper notification procedures; elements of a well-documented loan portfolio; avoiding common compliance problems; correct use and re-use of the Standard Flood Hazard Determination form; and, escrow requirements and penalties for non-compliance.
NFIP experts recommend their workshops as the most effective means of informing lenders of how to: identify properties that, by law, must be covered by flood insurance; advise customers about coverage options; keep flood insurance policies in force during the life of the loan; protect the interests of their clients and institutions; and, pass a federal audit of flood insurance compliance. "Responsible lenders need to know about these matters if they hope to protect the interests of their customers," cautions NFIP representative Anna Pudlo. "We sponsor these lenders' seminars in the hope that clients and institutions will be well-informed and well-prepared for any future flooding event."