Post-Close Insurance Surveillance and Renewal Compliance
We ensure continued adherence to insurance requirements for the life of the loan.
Navigating Compliance for All Provisions
Our team of legal and risk management professionals ensure borrowers maintain compliant, up-to-date insurance coverage by continuously monitoring lender-specific requirements. We verify timely renewals, assess changes in coverage or insurers and identify potential gaps, safeguarding lenders from exposure to risk.
Mitigating Exposure to Uninsured Events
By actively managing post-close compliance, lenders mitigate exposure to uninsured events, maintain collateral protection and ensure uninterrupted adherence to loan provisions, securing the long-term stability of their investments.
Our Approach to Insurance Surveillance and Renewal Compliance
- Obtain insurance information from the borrower prior to each renewal cycle
- Review insurance coverage to ensure compliance with the loan agreement
- Identify any new risk exposures based on changes to property
- Provide a live dashboard to the client to see real time updates on the status of the borrower’s compliance with insurance provisions
- Create an initial benchmark for a renewal checklist
- Conduct an annual review of all renewed insurance coverages and major claims
- Review reported insurable values compared to average “cost to build” metrics by jurisdiction using readily available data
- Recalculate actual cash value/cost to build/salvage value analysis
- Evaluate business interruption coverage limits
- Request and review renewal certificates of insurance to monitor lender specific requirements
- Provide completed renewal checklist
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