Force Placed Homeowners/Dwelling Policy

Oct 9, 2015

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  1. AZDave
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    An insured formed a corporation and has been providing hard money loans to individuals, and assumes the position as mortgagee on the note. On one of the properties, the owner has failed to provide homeowners insurance. There has been multiple notices sent out. The guy is current on his payments and there is an escrow account with sufficient money to pay, but for some reason he just will not get his own insurance.

    Any ideas where I can obtain a policy to cover the dwelling only for this customer/mortgagee?

    Thanks in advance,
    Dave
     
    AZDave, Oct 9, 2015
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  2. hesse
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    I believe the majority of mortgagees use American modern to place their forced policies but that is obviously on a much larger scale than this guy. Will whoever writes his commercial stuff add it?
     
    hesse, Oct 9, 2015
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  3. blue_wynd
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    I had an email run across my inbox of an mga offering forced placed policies. So I know there is an outlet for it. Google it and you can probably find it.
     
  4. Heather
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    Is it possible for the owner to just buy a policy? Almost like how you would go buy a policy for a rental property, there is insurable interest, like maybe a dwelling type policy? I don't know if its even allowed but I was wondering.
     
    Heather, Oct 11, 2015
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  5. insurance1822
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    I've seen assurant & balboa on forced place policies.
     
  6. AZDave
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    Put an app in with Burns & Wilcox for a Lloyds consideration. Did find one other option, but they catered to the larger mortgage company's.

    Hope I can fee this - what a pain.
     
    AZDave, Oct 12, 2015
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