Building Insurance - The bank must be named as a co-insured and first loss payee

yus786

Hi All

My Solicitor has advised the following:

You must obtain buildings insurance for the property for the minimum sum of
£400,000.00. The bank must be named as a co-insured and first loss payee. As
the insurance will be arranged by you, please obtain quotes at this stage. We
will inform you when to place the insurance at risk.

Does this mean i mean specialist insurance or can i use any and then ask them to add the bank to the policy?

Many thanks

theartfullodger

As long as you comply with the requirements then you can arrange it any way you like. Obvs.

Regards

theoretica

It looks like a standard requirement that the insurers are all used to - when you take out building insurance the form asks if you have a mortgage and the lenders name.