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Interested Party

djh2009

Can I remove my mortgage provider as an " interested party " on my home insurance policy ? My " Notice Of Interest Commitment Letter " states that any claim settlement above € 50,000 will be issued in joint names of policy holder and loan provider.

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Eggs For Dinner

djh2009 wrote: »

Can I remove my mortgage provider as an " interested party " on my home insurance policy ? My " Notice Of Interest Commitment Letter " states that any claim settlement above € 50,000 will be issued in joint names of policy holder and loan provider.

You need the agreement of the interested party to have them removed. The purpose of them being there and having claim cheques in joint names is to ensure any payment made goes in to reinstating the damaged property and not just for you to spend as you wish.

djh2009

Eggs For Dinner wrote: »

You need the agreement of the interested party to have them removed. The purpose of them being there and having claim cheques in joint names is to ensure any payment made goes in to reinstating the damaged property and not just for you to spend as you wish.

Thanks for that reply. I must get on to my mortgage provider and see how much of my home insurance premium they will pay this year.:)

Trish56

They have an interest in your property as they lent you the money to buy it and it was a condition of your Loan Offer that their interest be noted on your policy and I'm pretty sure they will not waive that condition until your mortgage is redeemed.

Why do you want them removed ??

Marcusm

djh2009 wrote: »

Thanks for that reply. I must get on to my mortgage provider and see how much of my home insurance premium they will pay this year.:)

What LTV is your mortgage? That’s their interest. You took on an obligation to maintain insurance over the house and include the lender as an additional assured. In a functioning country, your removal of them from the policy would lead to an event if default in the loan requiring its immediate repayment even if that required possession proceedings and your removal from the property. But this is Ireland so off you go and remove them!

NUTLEY BOY

Don't insurance underwriters have policies like this tagged in some way whereby if the policy looks like lapsing or there is an attempt to cancel it a notice is sent to the mortgagee.

BTW what is the position procedurally if the mortgagor wants to change insurers ? Would that be a problem ?

Eggs For Dinner

NUTLEY BOY wrote: »

Don't insurance underwriters have policies like this tagged in some way whereby if the policy looks like lapsing or there is an attempt to cancel it a notice is sent to the mortgagee.

BTW what is the position procedurally if the mortgagor wants to change insurers ? Would that be a problem ?

Insurers will contact the bank/ building society if a policy is cancelled or lapsed.

Changing insurers is not an issue. Your new insurers will issue the appropriate document noting the interest to pass on to your lender

djh2009

Eggs For Dinner wrote: »

You need the agreement of the interested party to have them removed. The purpose of them being there and having claim cheques in joint names is to ensure any payment made goes in to reinstating the damaged property and not just for you to spend as you wish.

Update on this issue. After many letters and emails back and forth with my insurer they have agreed that I was correct in my assertion that my mortgage provider does not have to be named on my home insurance policy. They have removed my mortgage provider from my policy and issued new policy documents with no mortgage provider named.

Eggs For Dinner

djh2009 wrote: »

Update on this issue. After many letters and emails back and forth with my insurer they have agreed that I was correct in my assertion that my mortgage provider does not have to be named on my home insurance policy. They have removed my mortgage provider from my policy and issued new policy documents with no mortgage provider named.

Did they clarify why they took their interest off the policy? If there is still an outstanding balance on your mortgage, this would be highly unusual. The only thing I can think of is they have issued a policy on the property in your name, through their provider, protecting their interest and building in the cost through your monthly payments. Apart from the cost, this would bring additional problems

listermint

All very suspect ...