Insurance Requirements Needed to Perfect the SBA 7(a) Loan Guaranty

Insurance lapses and missed force-placement requirements present tricky loan servicing decisions that can lead to disastrous losses to the borrower and the lender. Unless your team understands all of SBA’s prudent servicing requirements during workout and litigation phases of the loan life, you risk losing full payment of the SBa 7(a) guaranty.

This Coleman webinar will help your SBA loan underwriters navigate the 15 insurance types and other insurance requirements prudent lenders demand to protect their borrower’s net worth and their own SBA 7(a) guaranty.

Just as important, your staff will acquire the knowledge necessary to ensure you are PARRiS compliant in your lender review of insurance requirements and servicing procedures.

Your staff will learn to avoid foolish and expensive insurance force-placement errors that can cost hundreds of thousands of dollars in SBA guaranty repairs.

Instructor Bob Coleman will also address your insurance documentation requirements for a) SBA loans over $350,000, b) SBA loans under $350,000, and c) your conventional small business loans.

• The 15 different types of insurance required in SBA SOPs protect your borrower’s net worth and the lender’s SBA guaranty.
• Become a trusted advisor to protect your borrower’s assets.
• Don’t waste your borrower’s money with needless insurance requirements.
• Close loans quickly to meet month-end goals and borrowing closing by knowing the timeline to obtain life insurance.
• Understand when prudent lenders require professional and liability insurance assignments to avoid losses while eliminating legal liability and lender audit exceptions.
• Adopt best practices to exceed audit requirements in servicing insurance policies to meet SBA and regulatory requirements.

• The 15 Insurance References in the SBA SOP

1. Hazards, including Fire
2. Wind
3. Hail
4. Earthquake
5. State Mandated
6. Marine
7. Flood
8. Life
9. Liability
10. Product Liability
11. Dram Shop/Host Liquor Liability
12. Malpractice
13. Disability
14. Worker’s Compensation
15. Other State Specific Requirements

• How to perfect insurance documentation for the SBA loan
• What clauses SBA requires from the hazard insurance provider
• What to do if insurance is not, or partially available
• Personal Property Insurance requirements
• What you need to know about the Lender’s Loss Payable Clause
• SBA and Flood Insurance 101
• When you should require “key man” life insurance
• How to obtain SBA Approval for insurance force placements
• What to do if the borrower lets the insurance lapse
• SBA and Insurance escrow payment account policies
• 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

Certificates of Participation
All Coleman Webinar attendees will receive a certificate of participation. This documents your continuing education history for SBA and your regulators.

We will automatically forward a certificate of participation for those who are registered to attend the webinar via GoToWebinar.

If you have purchased the unlimited site license and would like certificates for all who attend simply forward their names and email addresses to jeanne@colemanreport.com. She will email the certificates to all attendees.

Questions
Questions are strongly encouraged. There are two ways to ask a question. The first is to ask the question via the chat box on the GoToWebinar dashboard. The second way is to send an email to joseph@colemanreport.com. Also, feel free to ask pre-webinar questions.

About Coleman Webinars
Coleman is the largest producer of small business banking video webinars and online training for the banking industry.

Our faculty are professional instructors are the absolute experts in their fields.

Why a Coleman Training Webinar?
It’s very cost effective. No airfare, no hotels. Just cram as many people as you wish into your conference room and turn on the computer. You have several options to view the program. You may watch on screen, or listen in on your phone.

You can choose to have any many connections nationwide as you wish when you purchase unlimited access for only $489.

A great benefit of the program is that you may have your questions answered by the faculty. All of our webinars are recorded. Buyers of the unlimited site license option will receive a DVD recording of the event to share with anyone you wish.

A transcript of the program is also provided to purchasers of the unlimited site license.

How it Works
We use GoToWebinar for the webinar platform. You will receive a link that will direct you to an Internet site to view the presentation. If you would like to test this process to make sure you will be able to access the link through your system’s firewall, just send an email to joseph@colemanreport.com, and he will schedule a test run.

Accessing GoToWebinar
There are two ways to access the webinar. The first is to simply click on the link we will provide when you register.

If you have a firewall issue, or you can’t get the GoToWebinar link to work, don’t panic!

The second way to access the webinar is directly from the GoToWebinar website. You will simply need to input the webinar ID and access code. These will also be provided when you register, and again the day before the webinar when we distribute the handouts.

Note we will open the webinar for attendees to join at 12:00pm ET. This will give each attendee two full hours before the webinar begins to troubleshoot any technical issues. Call (818) 790-4591 if you need assistance.

All Coleman Webinar Speakers are seen Live via Video Stream
You will see our speakers live through a video feed. You may customize the size of the speaker and powerpoint presentations by clicking on the webcam button on the GoToWebinar dashboard. You may position the speakers at the top, bottom, right or left hand sides. You may also choose to eliminate the video stream and just view the powerpoint.

Telephone Only Option
You may also choose to listen to the program on your telephone. The phone number will be provided with the handouts.

PDF Handouts
You will receive the pdf handout via email the day before the event. These may be distributed to all of your attendees.

Replay Link
If something comes up and you miss any part of the webinar, or there are technical issues such as a power failure, Internet dropout, fire alarm drills, actual fires or, earthquake (yes that has happened!) simply email joseph@colemanreport.com and he will send you a link you may watch all or part of the webinar at your leisure. There is no charge for this service.

The Fine Print
1) The single user registration fee of $389 is based on location not attendance. You may have as many people in one location attend. You may distribute the materials to anybody in your company.
2) For only $100 more ($489), you may invite as many people from your institution from as many locations as you wish. (You also get the reply link and transcript!) We will forward you a link that allows you to sign up as many people as you wish.
3) Substitutions are allowed at no charge.
4) Cancellations receive a 100% credit for any Coleman product.
5) As with all our products, we offer a 100% money back satisfaction guaranty — no questions asked.