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Residential Buildings Contingency Insurance
In recognising that lenders are at risk where the responsibility to insure their mortgaged properties is in the hands of the borrower or a third party, CLS Title has developed a number of options to provide full protection against a lack of buildings insurance cover:
The options cover:
- A Block policy providing Buildings Contingency cover on a portfolio which is renewable on a 12 months basis. This provides full damage cover should it transpire that, for example, the borrower did not maintain the cover required of them
- Where a lender discovers that an individual property is uninsured, cover is available from our Known Uninsured Property Option which runs on a monthly renewable basis.
- If a property is repossessed, full buildings insurance cover is available under the Property in Possession Option on a monthly renewable basis, ensuring that the property is insured and protected until a sale can be achieved.
To keep the whole process as simple as possible, CLS Title has included each of these options within the one policy. This means that the whole portfolio can be covered by the block contingency cover but when, for instance, repossession takes place, a simple return with the premium and the property details is all that is required.
For more information email enquiries@clstitle.com or call 0870 0130872
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