Loss Payee

Old Aug 14th 2013, 11:35 am
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Default Loss Payee

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

Thanks in anticipation
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Old Aug 14th 2013, 3:04 pm
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Default Re: Loss Payee

Hi Bahtatboy, you can PM me and I'll see if I can assist
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Old Aug 14th 2013, 3:33 pm
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Default Re: Loss Payee

Originally Posted by Muncle View Post
Hi Bahtatboy, you can PM me and I'll see if I can assist
Thanks, PM sent.
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Old Aug 14th 2013, 3:48 pm
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Default Re: Loss Payee

Originally Posted by Bahtatboy View Post
Thanks, PM sent.
Once you've sorted out your problem, you can bloody well explain what the thread title means....... thank you.
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Old Aug 14th 2013, 3:52 pm
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Default Re: Loss Payee

Originally Posted by The Dean View Post
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
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Old Aug 14th 2013, 3:54 pm
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Default Re: Loss Payee

Originally Posted by Bahtatboy View Post
Any construction insurance specialists out there who would be willing to impart a little knowledge? Thanks in anticipation
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.
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Old Aug 14th 2013, 3:59 pm
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Default Re: Loss Payee

Originally Posted by mentalist View Post
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.....?
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Old Aug 14th 2013, 4:01 pm
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Default Re: Loss Payee

Originally Posted by mentalist View Post
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.
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Old Aug 14th 2013, 4:47 pm
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Default Re: Loss Payee

ohh, insurance - my favourite. Talk dirty to me... Subrogation
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Old Aug 14th 2013, 4:51 pm
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*unsubscribes*
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Old Aug 14th 2013, 4:51 pm
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Default Re: Loss Payee

Originally Posted by Millhouse View Post
ohh, insurance - my favourite. Talk dirty to me... Subrogation
Get out of my shoes!
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Old Aug 15th 2013, 10:16 am
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Default Re: Loss Payee

Check your PM Bahtatboy.

Cheers
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Old Aug 15th 2013, 11:52 am
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Default Re: Loss Payee

Originally Posted by Muncle View Post
Check your PM Bahtatboy.

Cheers
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