First State Bank of Colfax does require confirmation of insurance coverage in writing before a loan can be funded.
* Policy must include the name of the registered owner as the primary insured.
* The year of manufacture, the manufacturer's name, model number of the craft, and the FAA registration number must be identified in writing.
* The full purchase price (Aircraft value) and at least the amount financed must be covered by the insurance.
* Deductibles can't exceed 10% of the insured value.
* The insurance policy must list First State Bank of Colfax as the loss payee under standard lender's loss payable clause as the lender.
* Breach of Warranty endorsement must be to First State Bank of Colfax for the amount financed.
* The insurance policy must contain 30 days written notice of cancellation to the bank.
* Policy shall not prohibit loss payee from making insurance payments upon own default. All aircraft financed by First State Bank of Colfax must be insured by the owner, or in case of a leased airplane, by the lessee with the owner named as additional insured. Confirmation of insurance coverage must be in writing and sent by mail or fax and come from the insurance company or underwriting company. Binders from insurance agents or agencies are unacceptable since they do not have binding authority.

In all cases, protection of our customer(s)'s identity and confidentiality is the Bank's pledge to you.