8.9.16 Insurance administration Borrowers either insure the property through the lender's agency or make their own arrangements . Full details will be available on the policy and premium payment. If premiums are not paid, the lender will be able to pay these and debit the account accordingly.
Lenders handle queries about insurance and claims to a varying degree.
Premiums are paid. No adverse circumstances affect the validity of the policy. The lender may charge a fee to insure outside its own agency. Special considerations - insurance Claims may be handled by the lender or through the insurance company itself. Switches have to be approved by the lender.