SBA SOP 50 10 8, A.Ch5.C.2 — Marine Insurance

sba-sop-a-ch5-c-2

Verbatim text of SBA SOP 50 10 8 section A.Ch5.C.2 (Marine Insurance), effective 2025-06-01. 2 provision(s) quoted from the SOP PDF. SBA's own document page serves superseded editions, and the SOP is further amended by policy notices — read this with the notices that touch it.

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Verbatim regulatory text (2)

Verbatim provisions from SBA SOP 50 10 8, A.Ch5.C.2 — Marine Insurance — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

SOP 50 10 8 A.Ch5.C.2

Effective 2025-06-01 · publisher's stamp for this provision

2. Marine Insurance When a vessel(s) is(are) the collateral on the loan, SBA Lender must obtain coverage in the amount of the full insurable value on the vessel(s) with the 7(a) Lender (for 7(a)), or the CDC/SBA (for 504), designated as “Mortgagee”. The policy must contain a Mortgagee clause providing that the interest of the 7(a) Lender (for 7(a)), or the CDC/SBA (for 504), will not be invalidated by any:

Source: SBA SOP 50 10 8, A.Ch5.C.2 — Marine Insurance · source URL · snapshot 535743ffe062cc34

SOP 50 10 8 A.Ch5.C.2.i

Effective 2025-06-01 · publisher's stamp for this provision

i. Act, omission, or negligence of the mortgagor, owner, master, agent, or crew of the vessel; ii. Failure to comply with any warranty or condition out of mortgagee’s control; or iii. Change in title, ownership, or management of the vessel. The policy must include Protection and Indemnity, Breach of Warranty, and Pollution coverage. The policy or endorsements must provide for at least 10 days prior written notice of policy cancellation to the 7(a) Lender (for 7(a)), or the CDC/SBA (for 504).

Source: SBA SOP 50 10 8, A.Ch5.C.2.i — Act, omission, or negligence of the mortgagor, owner, master, agent, or crew · source URL · snapshot 535743ffe062cc34

Operationalizing SBA SOP 50 10 8, A.Ch5.C.2 — Marine Insurance

This is verbatim, source-snapshotted regulator text from the Claude for Compliance open corpus. To turn a rule like this into compliance work product: gap-analyze your policies and procedures (P&Ps) against these requirements to surface stale, conflicting, or missing provisions; operationalize any change with a ready-to-run update kit; and produce audit-ready evidence — every step grounded only in the regulator’s own words, never invented.

To work from the whole rulebook rather than this one page: download the corpus — every register on this site, verbatim, each with its source snapshot and effective date — then follow the methodology. It asks your assistant to answer only from the downloaded text, cite the register id and effective date it used, and tell you when the corpus does not cover something instead of filling the gap from memory. Running it locally also means no one sees which regulations you are looking at.

Source of record: https://claudeforcompliance.com/regs/sba-sop-a-ch5-c-2/ · register sba-sop-a-ch5-c-2 · Claude for Compliance. Free to read and download; see regulatory updates and methodology.