Determination, Eligibility, Rating & Evidence of Insurance: Condominium Associations

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1 Determination, Eligibility, Rating & Evidence of Insurance: Condominium Associations National Flood Conference April 12, 2010 Panel: Moderator: Patty Latshaw, American Bankers Insurance Company of Florida Mortgagee: Dave Franske, CPCU, Wells Fargo WYO Company Vendor : Amy Itschner, NFS - StoneRiver Agent: David Thompson, CPCU, Florida Association of Insurance Agents 1

2 DISCLAIMER This presentation does not represent the views of the presenters employers, nor has it been approved by any governmental agency. It is recommended that you consult with your own attorney and/or compliance professional before implementing any changes to your program. 2

3 Agenda Properties Eligible for the Residential Condominium Building Association Policy (RCBAP) How Agents Calculate Premiums for the RCBAP Valid Evidence of Insurance for Lenders 3

4 Quick Facts about Condo Associations In the United States: Approximately 120,000 Condo Associations Approximately 9,640,000 condo unit owners Condo associations represent 38-42% of all Community Associations (Housing Cooperatives, Condo Associations and Planned Communities) * Resource: U.S.Census, American Housing Survey, American Community Survey, Statistical Abstracts of U.S., Treese private files with 2007 data estimated depending on current mortgage rates, general economic conditions and population trends including immigration. 4

5 Overview Eligibility for RCBAP, General Property Form, and Dwelling Form Residential vs. Non-residential condos HOAs A quick tour of commercial property insurance 5

6 Eligibility What is the darn thing?? Residential condominium Non-residential condominium Cooperative Home Owners Association Something else? 6

7 Nothing Sets The Stage Any Better Than This 7

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9 RCBAP Eligibility A condominium association may purchase insurance coverage on a residential building and its contents under the Residential Condominium Building Association Policy (RCBAP). The RCBAP covers only a residential condominium building in a Regular Program community. If the named insured is listed as other than a condominium association, the agent must provide legal documentation to confirm that the insured is a condominium association. 9

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12 RCBAP 75% Rule The RCBAP is required for all buildings owned by a condominium association containing one or more residential units and in which at least 75% of the total floor area within the building is residential without regard to the number of units or number of floors. 12

13 One floor commercial. Qualifies for RCBAP. 11 Floors

14 If it does not qualify for the RCBAP, such as this 14

15 No RCBAP!

16 General Property Form Non-Residential Condo Association: Both building & contents coverage available Commercial Unit Owner Contents only Building: Not available! 16

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18 Residential Condos Commercial Property Coverage Master Policy CP Exclusions: Foundations, pilings, piers, docks, wharves State specific items Items per the bylaws CPP compared to RCBAP It s not the same! 18

19 Residential Condos: Unit Owners Property: HO-6 Building: Coverage varies per statute and bylaws Contents: Selected by insured NFIP Dwelling Flood Policy (PRP Eligible) Building: $250,000 Contents: $100,000 19

20 Non-Residential Condos Commercial Property Coverage Association CP Unit Owner CP Bylaws will dictate Amounts of coverage will NOT match RCBAP 20

21 Homeowner Associations HOA PUD 21

22 Homeowner Associations HOA key concept: Fee Simple Ownership Vs. Condominium ownership "Condominium" means that form of ownership of real property which is comprised entirely of units that may be owned by one or more persons, and in which there is, an undivided share in common elements. 22

23 Warning! 23

24 Single Building A building that is separated from other buildings by intervening clear space or solid, vertical, load-bearing division walls. 24

25 Four Single Buildings Division Wall

26 Homeowner Associations NFIP Owner s policy vs. HOA policy (details later) Impact of writing it incorrectly Commercial Property CP (Master policy) HO-3 for owners Huge potential for problems For details 26

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28 Cooperative Associations IT IS NOT a condominium a cooperative set up like a condominium It does NOT qualify for the RCBAP Use General Property Form Commercial Property Coverage: CP HO-6 28

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30 A Resource For You 30

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33 How do I know if a condo qualifies for an RCBAP? The NFIP defines a condominium association as the entity made up of the unit owners responsible for the maintenance and operation of: common elements owned in undivided shares by unit owners; and other real property in which the unit owners have use rights; where membership in the entity is a required condition of unit ownership. Only a condominium association can purchase an RCBAP 33

34 Condominium Associations Legal documentation should clarify a condominium style of ownership: Each unit owner has an undivided interest in the common elements and has common use rights The association is responsible for hazard insurance Membership in the association is a requirement of ownership 34

35 How do I write an RCBAP? To insure a building in the condominium form of ownership: the named insured will be the condominium association. RCBAP is used: when at least 75% of the floor area is residential AND the community is in the regular program for timeshare buildings in the condominium form of ownership maximum building coverage available: $250,000 per unit 35

36 How do I write an RCBAP? General property form is used: when at least 75% of the floor area is residential AND the community is in the emergency program maximum coverage available: $100,000 per building General Property form is used: when less than 75% of the floor area is residential if community is in the regular program, maximum building coverage available: $500,000 per building 36

37 Condominium Building: Course of Construction Is the building owned by a condominium association? YES: eligible for RCBAP NO: not eligible for RCBAP can be issued on General Property or Dwelling Form, depending on occupancy Buildings in the course of construction that have yet to be walled and roofed are eligible for coverage except: when construction has been halted for 90+ days AND/OR if the lowest floor used for rating purposes is below the Base Flood Elevation (BFE) 37

38 Effective Date 30 Day Waiting Period from the date of application and presentment of premium timely submission required Exceptions to 30 Day Waiting Period: Loan Closing: condominium association is required to obtain flood insurance as part of the security for a loan under the name of the condominium association Lender Portfolio Review/Lender Required: a new policy is applied for as a result of a lender determining that a loan exists, in the name of the condominium association, for a building located in a special flood hazard area that is not protected by flood insurance Map Revision: during the 13 month period beginning on the effective date of the new map revision where the map revision places the building in a Special Flood Hazard Area when it had not been in a SFHA, a 1 day waiting period applies 38

39 Required Documentation RCBAP application must be completed Replacement Cost Valuation including building must be provided and updated every 3 years Photographs: A minimum of two new photographs of the building, one of which clearly shows the location of the lowest floor used for rating the risk 39

40 Required Documentation Photograph requirements if the building is rated with an elevation certificate: Must show front and back of the building and provide a clear image of the building s distinguishing features Must be taken and dated within 90 days of the postmark If building is split-level or has multi-level areas at ground level, at least two additional photographs showing views of both sides of the building must be submitted Measure at least

41 Replacement Cost Replacement Cost Value (RCV): cost to replace property with the same kind of material and construction, without deduction for depreciation RCBAP s building coverage is on a Replacement Cost valuation basis Replacement cost valuation: must include the cost of the building s foundation must exclude the cost of bringing the building into compliance 41

42 Replacement Cost Examples of acceptable RCBAP Replacement Cost Valuation: a recent property inspection report an appraisal completed within the last 3 years agent Costimator done within the last year A coinsurance penalty is applied to building coverage to the extent that the insured has not purchased insurance in an amount equal to the lesser of: 80% + of full replacement cost of the building at the time of loss OR the maximum amount of insurance available under the NFIP Insurance Carried X Amount of Loss = Limit of Recovery Required Insurance 42

43 High-Rise vs. Low-Rise Rating High-rise buildings: 5+ units AND 3+ floors excluding enclosure, even if it is the lowest floor for rating Low-rise buildings: Fewer than five units, regardless of the number of floors OR 5+ units with fewer than three floors, including the basement Townhouse/rowhouse buildings: always considered low-rise buildings for rating purposes, no matter how many units or floors they have An enclosure below an elevated building, even if it is the lowest floor for rating purposes, cannot be counted as a floor to avoid classifying the building as low rise. 43

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46 Severe damage in Pensacola Beach, FL 46

47 Severe damage in Gulf Shores, AL 47

48 Partially collapsed condo tower in Orange Beach, AL 48

49 Policy Written Incorrectly What do I do now? An RCBAP application, photographs, and replacement cost documentation must be submitted to the WYO and the current policy term cancelled and rewritten for coverage as originally applied. An increase in building coverage can be requested; however, endorsement waiting rules apply to the increase in coverage even in the case where the rewritten policy results in a refund. Examples: Condominium association timeshare building written on General Property that qualifies for RCBAP Condominium association written as non-residential general property for building at $500,000. It is determined that the named insured is a condominium association AND the building is 75% residential and qualifies for the RCBAP 49

50 Homeowners Associations The form of ownership that is typically Fee Simple i.e. the homeowner/unit owner holds complete ownership interest in the building and the lot the building or townhome rests on. These owners also have an individual interest in any common areas such as streets or recreational areas if any. The association is comprised of residents of a housing locality to address their common problems and issues connected with their residence and living in that area. The association is responsible for enforcing any covenants, conditions, and restrictions that apply to the property. A homeowners association that does not have a condominium style of ownership, has no undivided interest in common elements, and cannot purchase an RCBAP and cannot purchase a policy in their name for a building or unit they do not own. 50

51 How do I write it? Building is not in the condominium form of ownership; however, is located within a Homeowners Association community Building cannot be insured in the name of the association if the units are sold to individual owners 51

52 How do I write it? Dwelling form used: at least 75% of the floor area is residential and the community is in the regular program. This includes timeshare buildings in the condominium form of ownership. maximum building coverage available: $250,000 per unit. The unit owner should be the named insured. General Property form used: less than 75% of the floor area is residential. If the community is in the regular program, maximum building coverage available: $500,000 for the entire building. The unit owner should be the named insured. Buildings such as fitness centers and clubhouses owned by the Homeowner s Association can be written in the Homeowners Association name. 52

53 Townhome in Pensacola, FL 53

54 Policy Written Wrong What do I do Now? Most often a cancel/rewrite will be required. This requires new applications, one for each unit owner including any mortgagee/loss payee. In cases where the Homeowners Association purchases one dwelling policy per townhouse in the Homeowners Association s name all that is needed is a signed endorsement request to correct the named insured to the unit owner and add any mortgagee or loss payee that exists. Examples where policy must be cancelled and rewritten effective the current policy term: Homeowners Association purchases an RCBAP and the risk does not qualify for RCBAP Homeowners Association purchases one policy for building coverage at $250,000 for 4 units. The coverage limit will be divided among the 4 units at $62,500 per unit. Any additional premium will be requested and if received within 30 days from the date of notice, the individual policies will be issued for building coverage $62,

55 Timeshare Building: In Name of Corporation Timeshare buildings not in the condominium form of ownership where at least 75 percent of the area of the building is used for residential purposes are considered as residential occupancies under the NFIP, and can be insured for a maximum building coverage of $250,000 under the General Property Form. 55

56 Cooperative Building: In Name of Cooperative An owner in a cooperative building does not receive a real estate interest in a unit, but rather a share of stock in a corporation with the right to occupy a particular unit. The General Property form is used when: - at least 75% of the floor area is residential AND - the community is in the regular program - maximum coverage available: $250,000 for the entire building OR - less than 75% of the floor area is residential AND - the community is in the regular program - maximum coverage available: $500,000 for the entire building. 56

57 Policy Written Wrong What do I do Now? Most often a cancel/rewrite will be required to correct the policy. This requires a new application. Examples: Residential Co-Op written as an RCBAP: An application will be requested and the policy will be flat cancelled, effective the current policy term and rewritten in the name of the Co-Op. Coverage is reduced to $250,000 for the building. Any return premium, if applicable, will be refunded. Non-residential Co-Op written as an RCBAP: Policy will be flat cancelled, effective the current policy term and rewritten in the name of the Co-Op. Coverage is reduced to $500,000 for the building. Any return premium, if applicable, will be refunded. 57

58 Common Questions Q: Only one unit flooded, can you apply the entire premium paid and coverage to the one flooded unit? A: When a policy is cancelled and rewritten to multiple policies, the premium paid is divided equally among the policies and coverage is divided among the policies any increase in coverage is subject to endorsement effective date rules. Q: Why do you have to rewrite the policy? The insured wants their money back since the policy wasn t written correctly the first time. A: As the risk is eligible for coverage under the NFIP, there is not a valid reason for cancellation. 58

59 Policy Issuance Additions Policy Issuance 7-95 Townhouse Eligibility for RCBAP issued November 15, Policy Issuance 4-97 Conversion of Coverage for Residential Timeshare Condominiums to the RCBAP issued July 10, Policy Issuance 5-97 Residential Condominiums Occupied as Hotels or Motels or Rented on a Short-term Basis Policy Issuance 6-96 Coverage for Cooperatives and Timeshares August 8,

60 The Lender Perspective Why do lenders need Evidence of Flood Insurance on Condominium Associations? 60

61 Financing a Condo: The Mortgage Loan The Security Interest A condo unit is usually purchased with the help of a lender who provides the funds for the purchase in exchange for a promissory note for repayment. The collateral for the promissory note is a mortgage granting the lender a security interest in the real estate represented by the borrower s fractional share of the condo. From the lender s perspective, it is a real estate mortgage that is on the specific condo unit that is the subject of the mortgage. 61

62 Financing a Condo: The Mortgage Loan Each loan on each condo unit is unique to the lender: Within a single condo building, there may be multiple first and/or second mortgage loans from multiple lenders. Each loan is tracked independently of all others on a lender s loan servicing system(s). The statutory flood insurance requirements apply to each individual loan; this requires evidence of flood insurance at the loan level. 62

63 Financing a Condo: The Mortgage Loan Each loan on each condo unit is unique to the lender: It is the practice of the lending industry to defer to the condo association to maintain insurance. Lenders are still responsible under the law to meet the compliance requirement at the loan level. Consequently, lenders request valid evidence of flood insurance on each individual loan in the condo building. 63

64 Lender Requirements for Flood Insurance: Condo Specific Required Amount of Flood Insurance: Flood insurance on an applicable loan on a condo unit must be at a minimum equal to the lowest of: The maximum amount of flood insurance available under the NFIP for the type of property. The insurable value (replacement cost) of the unit. The outstanding principal balance of the loan(s) on the unit. Note: In every state, lenders can require insurance in any amount up to the replacement cost of the property. The borrower has agreed to this requirement in the loan documents. 64

65 Lender Requirements for Flood Insurance: Condo Specific Many Lenders have simplified the amount of flood insurance required on Condominiums to: Residential Condominiums must be insured on an RCBAP. The amount of flood insurance coverage on the RCBAP must be equal to the lowest of: The maximum amount of flood insurance available under the NFIP for the type of property ($250,000 x Number of units); OR 100% of the estimated Replacement Cost of the Building as shown on the RCBAP. 65

66 Lender Requirements for Flood Insurance: General Valid Evidence of Flood Insurance Standard requirement (for any property) as prescribed by FEMA Acceptable proof of coverage: A copy of the flood insurance application and premium payment; OR A copy of the Declarations Page of the policy. 66

67 Lender Requirements for Flood Insurance: Condo Specific Valid evidence of flood insurance: Copy of the RCBAP; OR Copy of the RCBAP and Dwelling Form Policy (or application and paid receipt) jointly equaling at least the minimum amount of coverage to meet the statutory requirements; OR Copy of the Dwelling Form Policy (or application and paid receipt) equaling minimum amount of coverage to meet statutory requirements. Note: Certificates of Insurance are not valid evidence of flood insurance on a new loan. They may only be used as valid evidence of renewal for existing loans. 67

68 Lender Requirements for Flood Insurance: Condo Specific Because: The lender needs to file the evidence of insurance by loan, the lender will likely ask for the documentation to include the borrower name, unit number and loan number. The condo unit owner s mortgage lender has no direct interest in an RCBAP, the mortgagee of the individual unit should NOT be named on the RCBAP as a mortgagee, loss payee or additional insured. BUT, the lender needs to receive evidence of insurance for the life of the loan. 68

69 Lender Requirements for Flood Insurance: Condo Specific Q: Providing a copy of the RCBAP Dec Page on every new condo loan is not efficient for agents. Will lenders accept a Certificate of Insurance or an Evidence of Property Insurance Document? A: Maybe. But we have some concerns 69

70 Lender Requirements for Flood Insurance: Condo Specific This is the Certificate of Insurance that some agents provide to lenders: 70

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72 Lender Requirements for Flood Insurance: Condo Specific Here are some better alternatives: 72

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75 Draft - Not Yet Approved! 75

76 Lender Requirements for Flood Insurance: Condo Specific Minimum Information needed for Evidence of Insurance to be Acceptable: Agency Name, Address and Contact Info Condominium Association Name Condominium Association Mailing Address Name of Insurer Insurer Address and Contact info Policy Number Effective Date/Expiration Date 76

77 Lender Requirements for Flood Insurance: Condo Specific Minimum Information needed for Evidence of Insurance to be Acceptable: Location/Description of Insured Property location Coverage Form (Dwelling, General Property Form, RCBAP, Other) Amount of Flood Insurance Coverage Deductible Amount Flood Zone Used for Rating Purposes For RCBAP s only: Building RCV Number of Units 77

78 Lender Requirements for Flood Insurance: Condo Specific Additional Information needed by the Lender for Evidence of Insurance to be Acceptable: Lender Name Lender Address Borrower Name(s) Address of Unit (if different than or not included in the Location/Description of Insured Property location) Unit Number Loan Number 78

79 Lender Requirements for Flood Insurance: Condo Specific Additional Information needed by the Lender for Evidence of Insurance to be Acceptable: Is Risk Eligible for rating under the Grandfather Rules? Note: This additional information does NOT need to be on the dec page, but the lender needs this info to match the EOI to the loan which is tracked individually by loan number, borrower name and property address. 79

80 Lender Requirements for Flood Insurance: Condo Specific Where do Lenders dream up this stuff? 80

81 Lender Requirements for Flood Insurance: Condo Specific Mandatory Purchase of Flood Insurance Guidelines (2) Evidence of Compliance As a condition of making, increasing, extending, or renewing a loan on the residential condominium unit and as frequently as required, a mortgagee must obtain: A copy of the RCBAP documenting the amount of insurance ideally, insured to RCV, or at least the unit s portion equaling the statutory requirement. (Effective October 1, 2007, the Declarations Page of each RCBAP issued or renewed must show the building s replacement cost value and the number of units within that building.); MPFIG P

82 Lender Requirements for Flood Insurance: Condo Specific Mandatory Purchase of Flood Insurance Guidelines FEMA suggests the following simple way to address both compliance requirements and flood insurance needs for safety and soundness of collateral interests. Lenders may apply a risk management strategy, as a condition to granting loans secured by condominium units in high-flood-risk areas, by requiring that condominium buildings be insured under the RCBAP to their full RCV or the maximum amount available, whichever is less. The compliance requirement is then equaled or exceeded with no additional calculation necessary. MPFIG P

83 Lender Requirements for Flood Insurance: Condo Specific Q: What about Certificates or the new ACORD 29? A: Technically, certificates are not satisfactory Evidence of Insurance for Lenders on new loans. Flood Insurance Manual A. Evidence of Insurance A copy of the Flood Insurance Application and premium payment, or a copy of the declarations page, is sufficient evidence of proof of purchase for new policies. The NFIP does not recognize binders. However, the NFIP recognizes Certificates of Insurance for renewal policies. Flood Insurance Manual P. GR-8 83

84 Lender Perspective on Private Flood Insurance To be compliant with the statutory requirement, a private flood insurance policy must be provided by an insurer who is licensed or admitted to do business in the jurisdiction in question and the coverage provided must be at least as broad as the coverage available from the NFIP considering deductibles, exclusions and conditions offered by the insurer. Typical Problems with Private Flood Insurance on Condominium Associations: Deductible is higher than NFIP maximum ($25,000). Limit is less than $250,000 x number of units in the building. Policy has an aggregate limit therefore is more restrictive than the RCBAP. 84

85 Panel Contact Information Lender/Mortgagee: Dave Franske, CPCU, Wells Fargo WYO Company Vendor: Amy Itschner, NFS - StoneRiver Agents: David Thompson, CPCU, Florida Association of Insurance Agents Moderator: Patty Latshaw, American Bankers Insurance Company 85

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CONDOMINIUMS I. METHODS OF INSURING CONDOMINIUMS. Important Notice to Agents/Producers:

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