Fillable Forced Placed Hazard/ Financial Institution Application (All Risks, Ltd)

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Forced Placed Hazard/ Financial Institution Application (All Risks, Ltd)

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Total number of loans serviced: ________________________________
Forced Placed/Financial Institution Application – 07.18
Page 1 of 3
All Risks, Ltd. - National Specialty Programs
10150 York Road, 5
th
Floor, Hunt Valley, MD 21030
Phone: 800-366-5810
Fax: 410-828-8179
Contact us: programs@allrisks.com
www.allrisks.com
Forced Placed/Financial Institution Application
I. APPLICANT INFORMATION
Institution Name: _____________________________________________________________________________________________
Mailing Address: ______________________________________________________________________________________________
City/State/Zip: ________________________________________________________________________________________________
Year Established: _____________________________ Contact: __________________________________________________
Phone: __________________________________ Fax: ________________________ Email: ______________________________
Charter: State Federal National Years in Business: ___________________________________
Specify Type of Institution (i.e. Federal, Commercial, National Savings, S&L, Credit Union, Mortgage Company): _________________
II. COVERAGE INFORMATION
Proposed Effective Date: _____________________________ Proposed Expiration Date: ____________________________
Limit of Liability required under Property section $ ______________________
Deducible for Property $ ______________________
Reporting Basis – Monthly Breakdown of Values
Commercial Buildings $ ______________________
Contents $ ______________________
1 to 4 Family Buildings $ ______________________
Additional Coverages
____________________________ $ ______________________
____________________________ $ ______________________
____________________________ $ ______________________
A. PROPERTY
Perils Requested: Named Perils Special Flood Quake
Optional Coverages Each Event Limit Total Limit Deductible
Flood $ $ $
Earthquake $ $ $
B. LIABILITY
Form: _____________________________________________________ Limits/Aggregate: ____________________________
Optional Coverage(s) Desired: ___________________________________________________________________________________
Current Carrier: _____________________________________________ Expiration Date: _____________________________
III. PORTFOLIO BREAKDOWN
Total Value: _________________________________
Forced Placed/Financial Institution Application – 07.18 Page 2 of 3
Average Residential Value: ____________________________________ Average Commercial Value: ____________________
Total Value to Be Insured REO Force Placed
Residential $ $
Commercial $ $
Total Values Vacant REO Force Placed
Residential $ $
Commercial $ $
Average No. of Loans Per Month REO Force Placed
Residential
Commercial
Other (please identify business inventory, contents, equipment, etc.): ___________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
Number of loans in excess of $2,500,000 to be insured: ______________________
As a practice, does the institution check for existing insurance on its loan portfolio? Yes No
Does the institution have Mortgage Impairment or E&O Insurance in force for its mortgage portfolio? Yes No
If yes, present insurer: __________________________________________ Expiration Date: ______________________
IV. UNDERWRITING INFORMATION
A. PROCEDURES
Prior to foreclosure, do you have written procedures for the inspection of properties for physical condition
and liability hazards? Yes No
If yes, describe procedure: ____________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
After foreclosure, do you have written procedures for the inspection of properties for physical condition
and liability hazards? Yes No
If yes, describe procedure: ____________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
Does the inspection include the following areas:
1. Fire Protection Yes No
2. Security Yes No
3. Life Safety Yes No
4. Utilities Yes No
5. General Repair & Maintenance Yes No
Who is responsible for deficiencies corrected? _________________________________
When are deficiencies corrected? ___________________________________________
Name: ______________________________________________________________________________________________________
Mailing Address: ______________________________________________________________________________________________
City/State/Zip: ________________________________________________________________________________________________
Phone: _________________________________ Fax: ________________________ Email: ______________________________
Forced Placed/Financial Institution Application – 07.18 Page 3 of 3
Provide details of maintenance procedures taken for vacant properties (example: water mains switched off, frequency of property
visits, etc.): __________________________________________________________________________________________________
____________________________________________________________________________________________________________
B. MANAGEMENT OF PROPERTIES
Do management companies manage all properties? Yes No
If yes, how many management properties do you use?________________________
Who decides which management company will be used for a specific property? _________________________________________
How soon is a management company assigned? __________________________________________________________________
V. VALUATION OF PROPERTY
How do you determine the values to insure?________________________________________________________________________
____________________________________________________________________________________________________________
How do you determine limit of insurance for each location?___________________________________________________________
____________________________________________________________________________________________________________
If not the same for all properties, please specify:
Replacement Cost Actual Cash Value Market Value Loan Balance Other: _____________
VI. SPECIALIZED COVERAGE
Are flood zones verified when property is taken into possession? Yes No
Is Flood coverage required for all properties in a special Flood Hazard Area? Yes No
Please give values of First Tier County loan in Eastern Seaboard and in Gulf State of which insurance is required:
Maine ____________________________________
New Hampshire ____________________________
Massachusetts _____________________________
Connecticut _______________________________
Rhode Island ______________________________
New York _________________________________
Pennsylvania ______________________________
New Jersey _______________________________
Maryland _________________________________
Delaware _________________________________
Virginia _________________________________________
North Carolina ___________________________________
South Carolina ___________________________________
Georgia _________________________________________
Florida __________________________________________
Alabama ________________________________________
Mississippi ______________________________________
Louisiana _______________________________________
Texas __________________________________________
Is Earthquake required? Yes No
If yes, please provide concentration by county of properties.
Confirm no Subprime Lending: Yes No
VII. BROKER INFORMATION
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Forced Placed Hazard Financial Institution Application (All Risks, Ltd)

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Completed 15 July 2020

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