Insurance

Hazard Insurance
Per the terms of your SBA 504 loan, you are to maintain adequate hazard insurance on the project property. The property must be insured for the full replacement cost with an insurance carrier with a Best Rating of at least A.

On or before the renewal date of your policy, please provide a copy of the Policy Declarations for the project property naming us as mortgagees (or lender loss payee, as applicable) as follows:

Montana Community Finance Corporation and the U.S. Small Business Administration
PO Box 916
Helena, MT 59624

Flood Insurance
During the term of your loan, if it is determined that any portion of the project property is located in a special flood hazard area, you will need to purchase flood insurance and provide our office a copy of the Policy Declarations naming us as mortgagees (or lender loss payee, as applicable) as follows:

Montana Community Finance Corporation and the U.S. Small Business Administration
PO Box 916
Helena, MT 59624

Life Insurance
If your loan requires life insurance and you change the policy we have on file, we will need (1) the new original life insurance policy and (2) a collateral assignment of the new life insurance policy properly acknowledged by the Home Office of the Insurer, naming us as Assignees (not as Beneficiaries) as follows:

Montana Community Finance Corporation and the U.S. Small Business Administration
PO Box 916
Helena, MT 59624