Home Purchase Closing Dates Always Changing

[agentinsouth]

Is that ok to do though? That would mean the risk has two policies for that time. Is that allowed?

Your overthinking it-the owner's policy will pay out until the house is sold and then the buyers policy is primary. Otherwise you're beating your head against the wall chasing down effective dates, and if you're really busy I promise you'll miss one.

 

[hesse]

not to mention carriers request closing date/ expected occupancy date so you must be lying on the app

 

[agentinsouth]

I've got 11 closings this week, several have auto and flood attached....all my carriers know how I do it and prefer it so I am not constantly calling to change the eff. date. Like it said, don't over think it.

 

[KYB]

Being open & honest with my carrier has helped me. I use my binding authority. Otherwise, why would I be an agent?

I had a recent one where I had to talk to an underwriter. A small mutual company where I have 30 days binding authority. It's a guy I went to kindergarden with, who is leaving an agent who is his uncle. It was escrowed (which I love) and the 1st year premium was ot be paid at closing. We bound it & I waited the usual 7 days for the check to arrive - actually, a little more. Come top ifnd out the lender & title company messed up so the insure dpaid the premium himself & the company got the app & check three weeks after closing. Policies with this small old company are issued manually.

So the underwriter sent me an email asking me to get a no loss, backdate, or place with another carrier. This shocked me because I have a great relationship with them & send tons of business there. The old underwriter & his assistant would tell me wait for the check when this happened in the past. So I tell my side & he asks for the no loss letter. I say here's why I don't want to (hardball not necessary at this point): I looked this guy in the eye and said it was done. If I have him sign the no loss & he asks me what it is and why, I am not willing to be on that side of it. In PA the issuing company has 60 days to inspect & send a cancellation for hazards, so I understand the company's position. But they need to understand mine.

Bottom line: If you are unwilling to do this imo maybe you shouldn't be issuing policies, or doing this job! You can but good luck.
Thank god for binding authority. I always say if the companies can't trust us as agents then why are we agents?