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-   -   Loss Payee (https://britishexpats.com/forum/sand-pit-116/loss-payee-805989/)

Bahtatboy Aug 14th 2013 12:35 pm

Loss Payee
 
Any construction insurance specialists out there who would be willing to impart a little knowledge?

Thanks in anticipation :D

Muncle Aug 14th 2013 4:04 pm

Re: Loss Payee
 
Hi Bahtatboy, you can PM me and I'll see if I can assist

Bahtatboy Aug 14th 2013 4:33 pm

Re: Loss Payee
 

Originally Posted by Muncle (Post 10850548)
Hi Bahtatboy, you can PM me and I'll see if I can assist

Thanks, PM sent.

The Dean Aug 14th 2013 4:48 pm

Re: Loss Payee
 

Originally Posted by Bahtatboy (Post 10850575)
Thanks, PM sent.

Once you've sorted out your problem, you can bloody well explain what the thread title means....... thank you.

Bahtatboy Aug 14th 2013 4:52 pm

Re: Loss Payee
 

Originally Posted by The Dean (Post 10850610)
Once you've sorted out your problem, you can bloody well explain what the thread title means....... thank you.

Its on a need-to-know basis :sneaky:

mentalist Aug 14th 2013 4:54 pm

Re: Loss Payee
 

Originally Posted by Bahtatboy (Post 10850208)
Any construction insurance specialists out there who would be willing to impart a little knowledge? Thanks in anticipation :D

A loss payee clause is a clause in a contract of insurance which provides that, in the event of payment being made under the policy in relation to the insured risk, payment will be made to a third party rather than to the insured beneficiary of the policy. Easy peasy, lemon squeezy. Just check the policy wording to establish to whom the settlement cheque should be made payable.

The Dean Aug 14th 2013 4:59 pm

Re: Loss Payee
 

Originally Posted by mentalist (Post 10850627)
A loss payee clause is a clause in a contract of insurance which provides that, in the event of payment being made under the policy in relation to the insured risk, payment will be made to a third party rather than to the insured beneficiary of the policy. Easy peasy, lemon squeezy. Just check the policy wording to establish to whom the settlement cheque should be made payable.

And now in English, please.....?

Bahtatboy Aug 14th 2013 5:01 pm

Re: Loss Payee
 

Originally Posted by mentalist (Post 10850627)
A loss payee clause is a clause in a contract of insurance which provides that, in the event of payment being made under the policy in relation to the insured risk, payment will be made to a third party rather than to the insured beneficiary of the policy. Easy peasy, lemon squeezy. Just check the policy wording to establish to whom the settlement cheque should be made payable.

Thanks, but that I know.

EAR Policy has Additional Insureds (both named and un-named). Policy does not have a Loss Payee clause. One of the named Additional Insureds has a claim, for which the Insurer's Loss Adjuster has recommended payment. In theory at least, the named Additional Insured has the same basic rights under the Policy as the Named Insured. Is it industry practice, in a situation where this is no Loss Payee identified, for the Insurer to reimburse the named Additional Insured directly, or will the Insurer normally require consent of the Named Insured and the named Additional Insureds before making such payment?

There, now I've let the cat out of the bag. Although I appreciate that most of you will think its a hamster or shopping trolley.

Edit: One party involved is assuming that the Named Insured (also the policyholder) is the default Loss Payee. I don't agree.

Millhouse Aug 14th 2013 5:47 pm

Re: Loss Payee
 
ohh, insurance - my favourite. Talk dirty to me... Subrogation

The Dean Aug 14th 2013 5:51 pm

Re: Loss Payee
 
*unsubscribes*

Bahtatboy Aug 14th 2013 5:51 pm

Re: Loss Payee
 

Originally Posted by Millhouse (Post 10850739)
ohh, insurance - my favourite. Talk dirty to me... Subrogation

Get out of my shoes!

Muncle Aug 15th 2013 11:16 am

Re: Loss Payee
 
Check your PM Bahtatboy.

Cheers

Bahtatboy Aug 15th 2013 12:52 pm

Re: Loss Payee
 

Originally Posted by Muncle (Post 10851761)
Check your PM Bahtatboy.

Cheers

:thumbup:


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