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Be Prepared for 2011´s Hurricane Season with Forced Placed Flood Insurance
As of June 1, hurricane season has officially opened for business for the 2011 North Atlantic area and FEMA has spread the word about being `ready´ for these tropical storms and other potential disasters.
FEMA Administrator Craig Fugate has released a video message about the upcoming season being an “above average year” for hurricanes – meaning not only communities being prepared with emergency plans, but PFI´s financial institution clients – and affiliated agents working with banks – also should confirm their properties are covered with proper insurance through lender-placement.
Many areas of the country already have experienced tremendous flooding during the past couple of weeks due to the recent storms and rising of the Mississippi River. While such natural disasters aren´t predictable, Proctor Financial can take guesswork out of the equation.
Through our Bridge60® product, Proctor Financial offers force placed flood insurance (also called lender placed insurance) for residential, mobile home, commercial and REO properties located in mandatory flood zones.
Not only does PFI´s force placed flood insurance protect lenders from uninsured losses, it also keeps financial institutions compliant with National Flood Insurance Program (NFIP) regulations. In many cases, compliance penalties can actually cost a lender more than the exposure on the property
PFI´s force placed flood insurance offers a variety of advantages including: insurance during the 45-day mandatory NFIP notification period; immediate coverage on reported properties with 60-day delayed billing; and a variety of web-based reporting and tracking options.
For comprehensive coverage for a bank owned property, PFI´s clients also choose to bundle Bridge60 with PFI´s Mortgage Guard® (lender-placed hazard/wind insurance) for a complete coverage solution year round.
To learn more about PFI´s Bridge60 program, you can visit the Bridge60 page on Proctor Financial´s website.
You also can watch Craig Fugate´s video message at FEMA´s website. Proctor Financial follows Craig, FEMA and other FEMA Region posts on Twitter to keep clients and agents updated on any hurricanes, flooding or potentially damaging storms. Follow Proctor Financial on Twitter at www.twitter.com/proctorfic to stay updated.