As
the United States Insurance requirements can differ greatly from that
in Britain, we have made arrangements with one of Orlando's largest
Insurance Brokers to be at hand to deal with all your insurance needs.
Lucille
L. Lang Insurance Inc. is conveniently situated within Orlando and
is fully acquainted with the needs of First National Bank Plc. They
can be contacted at:
Address: 911 N. Mills Ave.
Orlando
Florida
FL
32803-3294
United
States of America
Telephone: +1 407 894 6541
Fax: +1
407 894 6541
E-Mail: lucylangins@cfl.rr.com
The choice of insurer and/or Insurance Broker to arrange your cover
remains your responsibility. However any plan you arrange should meet
the following minimum standards:
Insurance must be continuous throughout the life of the loan and cover
the greater of:
1. 100% of the required loan, or
2. 100% of the Flexible Tracker loan limit, or
3. 100% of the replacement cost coverage.
You must arrange cover with an Insurance Company that has, at the
time of placing the business, a B+ Class VI or better rating (this
is a rating given to an American Insurer that recognises the financial
strength of the Company) as rated by Alfred M. Best rating guide,
and include:
Hazard Insurance
Extended Coverage and other perils
'Wind Cover'
Earthquake Cover (where applicable)
Deductibles must not exceed $1000.00 or 1% of the loan amount or loan
limit whichever is the greater.
If you intend to use the property to generate Rental Income then the
chosen policy must include Landlords coverage.
Cover must be for a minimum period of three months at the outset with
renewed annual schedules and policies forwarded to the company together
with proof of payment one month prior to the expiry of the current
cover.
If your chosen property is located within Special Flood Hazard areas
A or V, Flood Insurance will be required to cover the greater of 1
- 3 mentioned earlier. In the case of Planned Unit Developments and
Condominiums it will be necessary for the Closing Agent to review
existing policies. In some cases it may be necessary for you to arrange
your own or top-up cover to ensure that the needs of First National
are met - the Closing Agent will advise accordingly should additional
cover be required.
A clause to protect First National's interest, must be inserted in
the plan and should refer to: First National Bank Plc its successors
and/or assigns, our address being:
First National Bank Plc
8345 NW 66th ST#4017
Miami
F33166
Insurance requirements for different types of properties
Planned Unit Developments:
These types of properties will invariably have additional Insurance
Policies arranged to cover Common Areas and whilst you will remain
responsible for arranging your own Insurance as specified above the
Closing Agent will verify the adequacy of the 'Fidelity Insurance'
and 'Liability Insurance'. In some cases it may be necessary for you
to arrange your own or top-up cover to ensure that the needs of First
National are met.
Condominiums:
Cover for these types of properties is usually arranged through a
'Master' policy (Hazard, Fidelity and Liability Insurance and Wind
Cover if applicable) to which the individual condominium owners will
contribute. In some cases it may be necessary for you to arrange your
own or top-up cover to ensure that the needs of First National are
met.
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