SBA Loan Insurance Closing Checklist

Before you apply

1. Get the lender’s insurance requirement in writing.
2. Confirm who must be insured, coverage amount and required term.
3. Get the exact collateral-assignment instructions and assignee name.
4. Share your target closing date.

During underwriting

1. Complete the application accurately.
2. Respond quickly to carrier requests for health, medical or financial information.
3. Keep the lending team informed if timing or underwriting changes.

Before closing

1. Confirm the policy is active.
2. Complete the carrier’s assignment process.
3. Obtain the documentation and acknowledgement required by your lender.
4. Ask the lender to confirm that the insurance condition is satisfied.

For a fuller explanation, read SBA loan life insurance requirements.