SBA Required Hazard Insurance
Rates As Low As $50/month
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- Instant Evidence of Insurance!
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- Adjustable to fit your needs
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SBA Hazard Insurance
Now that you have received your funds, there are some additional requirements listed in the Loan Authorization and Agreement ( the Agreement) that you signed which must be met. The Agreement mandates that you must submit the following document(s) in order to meet your contractual obligation:
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SBA Hazard Insurance
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Coverage required for Hazard Insurance
DUTY TO MAINTAIN HAZARD INSURANCE
The document that we need is the Declarations Page of your Hazard Insurance policy. This document must:
- Cover business content up to 80% of what you own.
- Be current as of day of the day that I review it.
- The address of the policy must match the address that we have on file for you.
- The name of the insured must match the name of the Business.
- The Coverage period must be 12 months.
RESOLUTION OF BOARD OF DIRECTORS
The Resolution must:
- Be called the Resolution of Board (Corp), Certificate of Limited Liability Entity (LLC), or Certificate of Limited Liability Entity (LLC), or Certificate of Limited Liability Partnership (LLP) or some other such document.
- Be provided by you (we may not provide a template)
- List the Business Name.
- State that a business meeting was held and specify on which date.
- Specify the loan amount.
- Authorize the signatory to sign on behalf of the business.
- State the name of the signatory.
- Be signed by corporate.
The Duty to Maintain Hazard Insurance requirement may be found on page 4 of the Loan Authorization and Agreement which you signed (“...the Borrower will provide proof of active and in effect hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Borrower will not cancel such coverage and will maintain such coverage and will maintain such coverage throughout the entire term of the Loan.”
The Resolution of the Board requirement may be found on page 7 of the Loan Authorization and Agreement which you signed. It states that the borrower shall” ...submit the appropriate SBA Certificate and/ or Resolution to the U.S. Small Business Administration...”
DUTY TO MAINTAIN HAZARD INSURANCE
Within 12 months from the date of this Loan Authorization and Agreement, the Borrower will provide proof of an active and in effect hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Borrower will not cancel such coverage and will maintain such coverage throughout the entire term of this Loan. BORROWER MAY NOT BE ELIGIBLE FOR EITHER ANY FUTURE DISASTER ASSISTANCE OR SBA FINANCIAL ASSISTANCE IF THIS INSURANCE IS NOT MAINTAINED AS STIPULATED HEREIN THROUGHOUT THE ENTIRE TERM OF THIS LOAN. Please submit proof of insurance to: U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155.