|Missouri Housing Development Commission|
Program Compliance Accounting
> Insurance Requirements
MHDC’s Asset Management Department is responsible for monitoring insurance
requirements for participating
properties. From time to time properties may experience loss due to i.e.
fire, flood, wind damage, etc. Listed below are procedures to follow when
an insurance claim/loss occurs.
New Insurance Claim Policy Effective May 1, 2011
1. Notify MHDC immediately (24 hrs if at all possible) online through MHDC’s Asset Management Reporting System (AMRS) https://amrs.mhdc.com. A user name and password is required to access this system. Note: MHDC will not accept mailed/e-mailed insurance reimbursement requests unless the property has 12 units or less. The insurance checklist must still be used for properties with 12 or less units.
2. Per Sec 17 of MHDC’s Regulatory Agreement, all insurance reimbursement checks must name MHDC as an additional loss payee and be properly endorsed by the owner prior to being deposited into an insurance claim account maintained by MHDC. All insurance reimbursement checks should be mailed to the MHDC STL Office: 4625 Lindell, Suite 300, St. Louis, MO 63108.
3. When repairs are complete, submit payment requests including all required supporting documentation through the AMRS system for processing. The property will have the option to pay the vendor directly or be reimbursed. In some instances, an inspection may be required and will need to be coordinated with MHDC prior to final payment.
4. The project is responsible for the appropriate handling of insurance reimbursements. Reimbursements should never be applied against other expense accounts, and proper disclosure should be made in the financial statements.
An insurance investigation will be performed on projects that do not follow MHDC procedures.