With recent devastating storms across our area and the start of severe weather season in the Midwest, we want to remind borrowers that WBD, Inc. Servicing Team is here and ready to assist with insurance claims and checks. If your business suffers any damage from severe weather and you need to file an insurance claim, here’s a few steps that might help make this unfortunate process a bit easier.
- Communicate early with your financial institution and WBD, Inc. Contact us at 504Servicing@wbd.org and let us know of any damage and potential insurance claims.
- WBD will work with your financial institution to handle insurance proceeds through the repair process.
- WBD would typically need a few items from you, including a copy of the insurance claim; a copy of the repair estimates; and contact information for the adjuster and insurance agent.
- Once you receive the insurance check, WBD, Inc. and SBA should be listed as payees. Our team can work with you and your lender to obtain proper endorsements. (Please note SBA may need to approve and sign the actual check – our WBD Servicing Team will assist. Your lender will be the last to endorse the check.)
- Your financial institution will hold proceeds and release funds as construction is complete and lien waivers are received.
- There are typically multiple checks issued from an insurance company as repairs are underway. The final check represents recoverable depreciation, based on your policy. This signals the end of the disbursements, and WBD will work with you to close out the servicing action. A final lien waiver or certificate of completion is required from the appraiser, adjuster or contractor.
Remember that WBD’s centralized servicing inbox allows our team to handle your request quickly. Please reach out to us at 504Servicing@wbd.org with any questions.
