22 SEPTEMBER / OCTOBER 2022 Rod Lasley 'LMIJ 3TIVEXMRK 3JƤGIV Indiana Bankers Association rlasley@indiana.bank @rodlasley Zero Tolerance In flood determinations and insurance PRODUCTS & SERVICES PROFILE Floodplain Consultants Inc. is a Preferred Service Provider of the Indiana Bankers Association. We hear the term “zero tolerance” often today, and it applies to banking in the areas of flood determinations and flood insurance. It’s especially important if your bank or flood determination provider has not performed a determination or missed something in the results. There is no room for errors when it comes to flood determinations and insurance. For example, if a structure is close to the 100-year floodplain, does the system default to the conservative answer that flood insurance is required? What if that is not the correct answer? Many companies are using fully automated systems in which the potential for error is significant. Computers often accept approximate locations as real locations, thereby pushing the source material far beyond its real level of accuracy. Their guess becomes your liability and your customer’s headache. If you have been burned by automated inaccuracies or flood zone issues regarding your real estate transactions, Floodplain Consultants Inc. is a quality solution to consider. FCI has been priding itself on accuracy and reliability since 1991. Floodplain Consultants Inc. is not trying to be a nationwide company. It focuses solely on the Midwestern states including Indiana, Illinois, Kentucky, Ohio, Tennessee and Michigan. By being focused, it is able to maintain its site inspection policy, provide superior certifications and have greater familiarity with the communities it serves. FCI serves more than 300 lenders in the Midwest with flood zone determinations, census tract analysis, floodplain management and life-of-loan services. A longtime Preferred Service Provider of the Indiana Bankers Association, Floodplain Consultants is active with the IBA and currently serves over 60 Indiana banks. A unique quality that sets FCI apart from competitors is that if there is any kind of question regarding the location of a structure in relation to a Special Flood Hazard Area, FCI will do a site inspection with its own personnel – no subcontracting! Its team gathers all needed information to provide the most accurate determination. On the other hand, if there is no question about the structure or property, then the determination is completed within 24 hours and sent back to the lender. FCI also provides life-of-loan services as part of the determination process. This gives the lender the peace of mind to know that if a Special Flood Hazard Area changes and it affects a property that has been reviewed, the lender will be notified so that flood insurance can be obtained. For this reliable service, FCI will be slightly more expensive than the fully automated competitor. Wouldn’t you rather be sure, though, that your collateral is properly designated, instead of worrying whether your collateral will be destroyed with no coverage during the next catastrophic event? Customer service is a huge factor for FCI. If at any time a lender or borrower has questions or would like
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