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Insurance Specialist

Location: Clearwater
Posted on: May 24, 2023

Job Description:

The Insurance Specialist will analyze insurance policies to ensure adequate hazard, wind and flood coverage is in place for loans secured by real estate to ensure the bank's interest and compliance with the Federal Flood Disaster Protection Act or other regulations. Address any deficiencies found to protect the bank' s interest in properties securing commercial mortgages and other non real estate commercial loans and protect the bank from potentially substantial fines that can be levied by regulators for non-compliance. Responsibilities include, but are not limited to:

  • Assist Insurance Supervisor with transition to an outsourced insurance follow-up program. As such, incumbent must have a good working knowledge of all types of insurance coverage to review reports delivered by the Bank's insurance servicing agent and make adjustments as needed.
  • Post-closing review of all loans secured by assets or real property for compliance with all insurance guidelines including federal flood regulations. Interact with lenders and compliance department to resolve any discrepancies and deficiencies detected (i.e., inadequate coverage, improper documentation, policy violation, etc.).
  • Create and maintain records and reminders relative to insurance information for each loan as needed (i.e., policy number, expiration date, insurance company and agent contact info, coverage requirements, etc.)
  • Ensure appropriate coverage is in place when loans renew or are modified. Prepare federally mandated letters to borrowers and force place coverage when lapses occur.
  • Prepare monthly reports detailing coverage deficiencies and policy violations relating to flood insurance, and distribute to Lenders, Sr. Management, Compliance and Examiners as required.
  • Monitor monthly vendor reports for flood map changes on covered properties and identify properties affected by regulatory changes. Take appropriate action as needed to ensure compliance with flood regulation.
  • Force place insurance coverage as needed. Review monthly statements, work with vendor to correct any billing issues, and submit bill for approval and payment. Collect premiums from borrower(s) if required.
  • Act as a point of contact for OCC Examiners and Auditors on for any hazard or flood insurance exams.
  • Recommend process improvements and revisions to the Insurance Supervisor for updating the Commercial Loan Division's Insurance Policies and Procedures. Review any changes relative to flood insurance as changes to the Federal Flood Disaster Protection Act occur.
  • Assist with preparing handouts and instruction documents for lenders as changes to procedures occur. Provide training to colleagues and lenders as needed.
  • Assist colleagues within the department with reviewing loans files in times of heavy volume.

Keywords: VALLEY BANK, Clearwater , Insurance Specialist, Other , Clearwater, Florida

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