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OUR GUARANTEES
STANDARD DETERMINATION
A. If the insurable improvements on a subject
property are located within a Special Flood Hazard Area on the FEMA flood
map in effect on the date of certification and NW Flood Data certified
that they are not in, and an uninsured flood loss occurs to the insurable
improvements, NW Flood Data (or their Insurer) will reimburse the amount
of uninsured flood loss based on a National Flood Insurance Program flood
insurance policy for the mortgage amount being in effect (not to exceed the
maximum available for the property).
B. NW Flood Data will reimburse the
borrower for any un-required insurance premiums paid as a result of
certification that the insurable improvements on the subject property were
located within a Special Flood Hazard Area and in fact the insurable
improvements were not located within a Special Flood Hazard Area.
LIFE OF LOAN CERTIFICATION
A. NW Flood Data (or their Insurer)
will reimburse the borrower for any uninsured flood loss, based on a National
Flood Insurance Program flood insurance policy (not to exceed the maximum
available for the property) if NW Flood Data fails to notify the lender
within 90 days of the issuance of a new flood map that changes the flood hazard
status of a property (certified by NW Flood Data) from not in to in
a Special Flood Hazard Area.
B. NW Flood Data (or their Insurer)
will reimburse the borrower for all paid un-required flood insurance premiums if
NW Flood Data fails to notify the undersigned lender within 90 days of
the issuance of a new flood map that changes the flood hazard status of a
property (certified by NW Flood Data) from in to not in, a Special
Flood Hazard Area.
OTHER
If at any time, and for any reason, NW
Flood Data is unable to perform the Life of Loan Tracking services
explained above, NW Flood Data shall, upon request by Client,
supply Client with a disk containing all pertinent data for all loans
being tracked by NW Flood Data for Client. This disk shall be in a
suitable format and shall be delivered to Client, and/or Client’s
new flood determination vendor, within 15 days of Client’s request.
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