Diff Locations Multiple Mortgagees on a Commercial Account ?

[Scottyj]

Hey guys. I have a commercial rental exposure as in rental homes owned by an LLC that I would like to place under a commercial policy... The applicant has multiple mortgagees that are currently escrow billed on personal lines accounts as we speak.

He is in process of the LLC purchasing the properties from himself personally. I have UFG who will write it super competatively but they will not accomodate the multiple mortgagees from a billing standpoint.

Any ides or sulution/recomendations. I have thought about going agency billed but that would not solve the mortgagee billing issue at all. Any carriers who will acomodate this situtation ? UFG suggested splitting the properties into seperate policies but they would rather not and would prefer that we keep it all one as do I being they will be adding more properties to the mix... What say ye ?

 

[djs]

The easiest way is to bill the client and have him not impound the insurance costs.

If you try to have multiple houses on a single policy with payments coming from everywhere, the policy, as a whole, will lapse due to missing payments and general confusion. It's not a good situation.

I can't imagine a carrier would try to split this up. It doesn't make sense to me to try to do it that way.

The only other way is to insure the structures individually and have them all roll up to a master liability policy for the LLC. Now, you still have the same issue though, since someone needs to pay the liability policy.

Dan

 

[Scottyj]

now explain... how would billing directly "Agency Bill" deter the issue of payments arriving at different time ?