Providing these facts will help educate the lender on a suitable loss limit, but be cautious not to recommend a reduced limit and always provide higher limit options in writing.
It is no secret that providing creative solutions in these unique situations solidify your relationship with your client as trusted partner. Remember, the most important step is to pre-emptively request lender requirements before any closings or renewal date to avoid delays. Often there is an opportunity for a borrower to negotiate insurance requirements if it is addressed early in the borrowing negotiations. This also allows your team to pinpoint what coverages and limits are needed, and to expedite your client’s closing.
AmWINS’ Property Practice is specialized in placing complex property risks, with in-house CAT modeling and actuarial resources. Our brokers are ready to help you advocate for your clients when it comes to requests by lending institutions that impact their coverage.
Legal Disclaimer. Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
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