Insurance Coverage Required for SBA 7(a) Loans — Webinar Thursday, February 29 @ 2PM EST
When to Obtain the 15 Types of Insurance Coverage Listed in Newly Released SOP 5010 7.1
Attend the Live Webinar Event
Thursday, February 29, 2024
2:00 PM Eastern
75-minute training with e-certification
Do you know SBA’s SOP referenced types of insurance SBA lenders must obtain at loan closing?
(Hint: Hazard, Wind, Hail, Earthquake, State Mandated, Marine, Flood, Life, Liability
Product Liability, Dram Shop/Host Liquor, Liability, Malpractice. Disability, Worker’s Compensation)
This Coleman webinar will discuss how to determine need, and documentation of required insurance coverage.
Careful attention will be paid to ensure you know how to match insurance requirements with the use of proceeds and collateral.
Importantly, participants will also understand insurance varying insurance requirements demanded by SBA based upon the amount of the loans.
The SOP gives the prudent lender the ability to waive insurance. The webinar will discuss the circumstances prudent lenders may waive insurance, and what you need to do to document the loan file.
You and your staff will:
● Learn about SBA loan dollar amount collateral insurance thresholds.
● Understand the collateral insurance requirements at loan closing and during servicing.
● Gain knowledge about the SBA loan servicing matrix.
● Learn how and when to force-place insurance and when to waive insurance requirements.
● Get insights into perfecting insurance documentation for SBA loans.
● Understand the clauses and requirements demanded by SBA for hazard insurance.
● Learn how to handle situations where insurance is not fully available.
● Discover the insurance requirements for real estate and personal property.
● Understand the lender’s loss payable clause and its implications.
● Gain knowledge about SBA and flood insurance requirements.
● Learn when “key man” life insurance may be required.
● Have a plan of action for dealing with lapses in insurance coverage.
● Understand SBA’s insurance escrow payment account policies.
● Develop credit policies for insurance requirements on SBA loans.
● Familiarize yourself with the fifteen references to insurance in the SBA SOP, covering various types of insurance such as hazard, wind, hail, earthquake, flood, liability, and more.
What should your credit policy be for insurance requirement SBA loans less than $350,000
What should your credit policy be for insurance requirement be for SBA Express loans
The 15 Insurance References in the SOP –
Benefits SBA lenders will receive by attending the webinar:
- Coleman Report webinars provide solutions to problems that left unaddressed will jeopardize the SBA loan guarantee.
- We give management the tools to create prudent credit boxes compliant with SBA’s standard operating procedures.
- We train your staff to ensure compliance of existing and new SBA rules and regulations.
- Tips that solve difficult SBA underwriting, servicing and liquidation challenges.
Your Training Staff
Lance Sexton, Coleman Faculty Instructor
A former small business owner, Lance Sexton has a successful history of working with small business owners and students related to entrepreneurship and SBA loan origination, servicing, and liquidation.
He has received three training industry awards for his webinar instruction and his 8-week loan closing course.
Lance has over 30 years of experience, including ten years directly managing portfolios of SBA loans. Lance was an entrepreneurship faculty member of the Sam M. Walton College of Business at the University of Arkansas. He is an Executive Vice President of Fountainhead Commercial Capital and has been affiliated with Coleman Publishing for over eight years.
Bob Coleman is the Author of “Money Money Everywhere and Not a Drop for Main Street.” He is the founder of Coleman Publishing, a publisher of newsletters, reports, data, conferences, webinars, online training videos — to help finance professionals become small business lending experts.
Bob is the nationally recognized expert on small business financing. He has appeared frequently on Fox Business News, NPR and other numerous media outlets. He is sourced by all print media. He is a frequent speaker about small business lending throughout the US and EU. Bob has a BA in Medieval History from the University of California Santa Barbara and a MBA in Real Estate Finance from the University of Southern California.
Bob has earned numerous awards as a producer of events and video training.
His passion is getting capital to Main Street and Rural American small business.
How the Webinar Works
We use Microsoft Teams as the webinar platform.
We will open the webinar for attendees to join at 1:30 pm ET. This will give each attendee thirty minutes before the webinar begins to troubleshoot any technical issues. Call (818) 790-4591 if you need assistance.
Recording
All Coleman webinars are recorded and a link is sent to all attendees.
Single Site License
The single site license grants your institution one viewing of the webinar. It is permissible to use a single site license on one device in a conference room to be viewed by multiple attendees The webinar can be viewed on any device.
Multiple Site License
A multiple site license is an unlimited access pass for anyone at your institution. You will be given a link that will be usable to anyone with your email domain.
Webinar Links and Handouts
The webinar link will be included on your sales receipt.
The link will also be included when we send the presentation and handouts. These will be sent by eod the day before.
Participants Earn Certificates of Participation
All Coleman Webinar attendees will receive a certificate of participation. This documents your continuing education history for SBA and your regulators.
Questions
Questions throughout the webinar are strongly encouraged. There are two ways to ask a question. The first is to ask the question via the chat in Microsoft Teams. The second is to send an email to anna@colemanreport.com. Also, feel free to ask pre and post-webinar questions.
The Fine Print
1) Substitutions are allowed at no charge.
2) Cancellations receive a 100% credit for any Coleman product.
3) As with all our products, we offer a 100% money back satisfaction guarantee — no questions asked.
3 Easy Ways to Order
1) ONLINE — Register and pay online via Stripe
2) EMAIL –Send an email to cindy@colemanreport.com with “Webinar Registration” in the Subject Line. We will do all the paperwork and either send you a sales receipt or an invoice.
3) PHONE — Call us at 818-790-4591.
Bob Coleman
Founder & Publisher