Our Guarantees
Guarantees and Regulatory Compliance
*Last updated June 1, 2018
*Last updated June 1, 2018
1. GENERAL
a. NW Flood Data shall always use the most current FEMA flood map available.
b. When a property or structure is found to be located within a FEMA designated Special Flood Hazard Area NW Flood Data shall, on request, issue a “Notice of Special Flood Hazards and Availability of Federal Disaster Relief Assistance” to Client with it’s corresponding flood zone determination.
2. 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 (or their Insurer) 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.
3. 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 (Client) 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, if, and when, the aforementioned events occur within the term (life) of the loan .
b. NW Flood Data (or their Insurer) will reimburse the borrower for all paid non-required flood insurance premiums if NW Flood Data fails to notify the lender (Client) 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, if, and when, the aforementioned events occur within the term (life) of the loan.
4. ALLOCATION OF RESPONSIBILITY FOR REGULATORY COMPLIANCE
All issues relating to regulatory compliance, except those described above, and contained within Sections 1.a, 1.b, 2.a, 2.b, 3.a and 3.b are the responsibility of Client .
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 digital data containing pertinent information for all loans being tracked by NW Flood Data for Client . This data shall be in a mutually acceptable media format and shall be delivered to Client , and/or Client's new flood determination vendor. This contract will remain valid for as long as Client retains NW Flood Data as their primary Flood Zone Determination Vendor. NW Flood Data, and any affiliated entities and/or individuals, assumes no liability and shall be held harmless for inaccurate determinations and/or tracking errors, as a result of inaccurate, incorrect, incomplete, illegible, misleading and/or falsified property and/or structure information supplied by Client , lender, FEMA, NFIP, FIA and/or other source deemed reliable and/or necessary to complete the aforementioned flood zone determination
a. NW Flood Data shall always use the most current FEMA flood map available.
b. When a property or structure is found to be located within a FEMA designated Special Flood Hazard Area NW Flood Data shall, on request, issue a “Notice of Special Flood Hazards and Availability of Federal Disaster Relief Assistance” to Client with it’s corresponding flood zone determination.
2. 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 (or their Insurer) 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.
3. 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 (Client) 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, if, and when, the aforementioned events occur within the term (life) of the loan .
b. NW Flood Data (or their Insurer) will reimburse the borrower for all paid non-required flood insurance premiums if NW Flood Data fails to notify the lender (Client) 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, if, and when, the aforementioned events occur within the term (life) of the loan.
4. ALLOCATION OF RESPONSIBILITY FOR REGULATORY COMPLIANCE
All issues relating to regulatory compliance, except those described above, and contained within Sections 1.a, 1.b, 2.a, 2.b, 3.a and 3.b are the responsibility of Client .
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 digital data containing pertinent information for all loans being tracked by NW Flood Data for Client . This data shall be in a mutually acceptable media format and shall be delivered to Client , and/or Client's new flood determination vendor. This contract will remain valid for as long as Client retains NW Flood Data as their primary Flood Zone Determination Vendor. NW Flood Data, and any affiliated entities and/or individuals, assumes no liability and shall be held harmless for inaccurate determinations and/or tracking errors, as a result of inaccurate, incorrect, incomplete, illegible, misleading and/or falsified property and/or structure information supplied by Client , lender, FEMA, NFIP, FIA and/or other source deemed reliable and/or necessary to complete the aforementioned flood zone determination