Many parties provide proof of liability insurance in the form of a certificate, insurance binder or policy. For example, liability insurance can be required to cover a lender as an "additional insured." Casualty insurance can be required to cover a lender as a "loss payee" or "mortgagee." Where the lending relation is ongoing, the lender may also require notification of any cancellation (usually 30 days prior notice, but some insurance companies will provide shorter notice periods, sometimes as short as 10 days). Such insurance coverages are often required to be extended to the lender. A borrower is frequently asked to provide proof of various insurance coverages (in amounts which the lender deems adequate). White Collar & Government InvestigationsĪ common requirement for loan closings is the production of proof of insurance.Restructuring, Bankruptcy & Creditors' Rights.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |