House insurance companies that allow mortgage lenders to be named as joint insured

kj2227

Hi all,

Sorry for cross-posting, I've also put this in the insurance and mortgage threads.

I am trying to find house insurance for a house that I am due to move into next week.

Our mortgage lender, the Bank of Ireland, will only approve house insurance if they can be named as joint insurered/be named as a loss payee of the policy, or if it can be noted that they have a "financial interest in the property"

I had found a good quote with Legal and General and they had said they would name Bank of Ireland as having a "financial interest in the property", but after a week of me chasing this up, they have now said that they won't do this as:

The agreement between the Association of British Insurers and the British Banking Association to note the financial interest of mortgage lenders on home insurance policies came to an end on 31st December 2012 and, as such, we cannot amend the standard wording of our cover confirmation.

Not sure why they have now wasted a week of my time then, as now i'm back to square one.

I'm really pushed for time now and don't want to be spending hours ringing around all the numerous house insurance companies to try and find out if any will provide such wording, but I wondered if anyone knows of any companies that definitely will, then I can just ring them up directly.

Thanks all

Tantalus86

This is pretty standard with a lot of mortgage suppliers. I know esure do this, might want to get a quote from them.

cayennepepper

Liverpool Victoria did it for me

tasticz

kj2227 wrote: »

Hi all,

Sorry for cross-posting, I've also put this in the insurance and mortgage threads.

I am trying to find house insurance for a house that I am due to move into next week.

Our mortgage lender, the Bank of Ireland, will only approve house insurance if they can be named as joint insurered/be named as a loss payee of the policy, or if it can be noted that they have a "financial interest in the property"

I had found a good quote with Legal and General and they had said they would name Bank of Ireland as having a "financial interest in the property", but after a week of me chasing this up, they have now said that they won't do this as:

The agreement between the Association of British Insurers and the British Banking Association to note the financial interest of mortgage lenders on home insurance policies came to an end on 31st December 2012 and, as such, we cannot amend the standard wording of our cover confirmation.

Not sure why they have now wasted a week of my time then, as now i'm back to square one.

I'm really pushed for time now and don't want to be spending hours ringing around all the numerous house insurance companies to try and find out if any will provide such wording, but I wondered if anyone knows of any companies that definitely will, then I can just ring them up directly.

Thanks all

are you sure they need to be named? i think they just want to see the certificate because

my parents are with BOI too we just forward the building insurance certificate every year to them or get the insurance company to fax it to them and we usually get a letter saying everythings ok from BOI after 2 weeks of it you can also email it to them

we're with bradford and bingley atm

davidmcn

tasticz wrote: »

are you sure they need to be named?

They do. From the relevant section of the CML Handbook for Bank of Ireland:

6.14.1b Does the lender need the buildings insurance in joint names or its interest noted?
Yes, preferably in joint names but will accept the noting of our interests as mortgagee.