Loss Payee
 

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

Thanks in anticipation :D

Re: Loss Payee
 

Hi Bahtatboy, you can PM me and I'll see if I can assist

Re: Loss Payee
 

Thanks, PM sent.

Re: Loss Payee
 

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

Re: Loss Payee
 

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

Re: Loss Payee
 

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.

Re: Loss Payee
 

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

Re: Loss Payee
 

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.

Re: Loss Payee
 

ohh, insurance - my favourite. Talk dirty to me... Subrogation

Re: Loss Payee
 

Re: Loss Payee
 

Get out of my shoes!

Re: Loss Payee
 

Check your PM Bahtatboy.

Cheers

Re: Loss Payee
 

:thumbup: