I work as a commercial lender... own a grill almost insurance ?
I'm doing a EFA for a titled vehicle. The bank i'm using as a funding source requires on all titled vehicle, to be listed as "additional insured" on the insurance contract. The insurance agent for the lessee refuse to put the bank as "additional insured" for some plea. The deal is waiting on insurance verification be be funded and he's have the deal for three days and is just very soon voicing his complaints. Does anyone in the insurance world know what this guys issue is?
"> He could be new within the business, and confusing terms.
I'd guess maybe 15% of the cars out in that are leased, and the leasing companies ALL want to be named as supplementary insured and loss payee, or lender loss payable, so I'm thinking, maybe he's not familiar near that endorsement? Maybe he's confusing it with added NAMED insured?
Bottom line - ask him to put the refusal in writing. That will prod him to verbalize to someone who knows what they are doing, and eventually get the agreement done - otherwise, you have to tell the insured that their agent won't do this standard procedure, and the buy and sell won't go through unless the insured finds a new agent who WILL.
the individual reason I can see for the insurance agent not to list the guard as an additional interest is if the bank does not own an interest in all vehichles. For instance if the insured have 3 cars on the policy but that vendor has a financial interest surrounded by only one, that is the problem. The wager on cant ask to be listed on vehicles he have no interest in, however, if they do and the agent still refuses, ask him why, consequently find another agent.
Related Questions:
"> He could be new within the business, and confusing terms.
I'd guess maybe 15% of the cars out in that are leased, and the leasing companies ALL want to be named as supplementary insured and loss payee, or lender loss payable, so I'm thinking, maybe he's not familiar near that endorsement? Maybe he's confusing it with added NAMED insured?
Bottom line - ask him to put the refusal in writing. That will prod him to verbalize to someone who knows what they are doing, and eventually get the agreement done - otherwise, you have to tell the insured that their agent won't do this standard procedure, and the buy and sell won't go through unless the insured finds a new agent who WILL.
the individual reason I can see for the insurance agent not to list the guard as an additional interest is if the bank does not own an interest in all vehichles. For instance if the insured have 3 cars on the policy but that vendor has a financial interest surrounded by only one, that is the problem. The wager on cant ask to be listed on vehicles he have no interest in, however, if they do and the agent still refuses, ask him why, consequently find another agent.
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