Wraps and Hazard Insurance

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Posted by Michael Morrongiello on October 13, 2009 at 12:10:28:
In Reply to: Re: Insurance in a wrap- maintain it posted by jimi on October 13, 2009 at 07:33:30:
Jimi
Yes, we do the same.... In my email I did not get down to the "nitty gritty".
In addition to having your name listed as an "additional insured" party in the Insurance DEC page also getting a POA- power of attorney and assignment of any insurance proceeds from the seller is wise.
The policy itself may not neccessarily be assigned its any claims paid (the proceeds).
As a fall back position if this bothers you or you are uncomfortable you an always PURCHASE a seperate policy in your name (entity, etc.)at additional expense. This seperate policy will ONLY insure the now owner of the property.
Warmly,
Michael Morrongiello

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Re: Wraps and Hazard Insurance jimi 12:39:12 10/13/09 (0)

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