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Will homeowners insurance pay for structural damage caused by a contractor or sue the contractor on my behalf?
Wiki User
∙ 9y ago
HO insurance policies are typically all risk and as such would cover such loss
Wiki User
∙ 9y ago
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Can you get insurance if your not the homeowner?
Yes, It is possible to purchase insurance on behalf of the owner. The Homeowners insurance policy must be in compliance with local law. The legal owner must be the beneficiary and must be listed as the loss payee for the insurance contract to be valid.
What is escrow reserve?
Lenders want to pay your taxes and homeowners insurance on your behalf when they are due. This helps protect their investment. Your lender will collect 1/12 of your yearly property taxes and 1/12 of your yearly homeowners premium with each months payment. When you originally buy the home they will collect a couple of additional months reserves for each of these categories. When it comes time to pay your property taxes, the lender will have the full amount escrowed ( saved ) for you. They will then forward the tax payment on your behalf. The same is true with your homeowners insurance.
What includes communications on behalf of another person made with the intent to influence?
Slander/contractor
Can a Bank Guarantee be issued at the request of sub-contractor on behalf of contractor?
Yes, a bank guarantee can be issued at the request of anyone. It is their decision whether they require a guarantee or not.
Can you sue your own insurance company on your daughters behalf for the murder of her father?
It would depend on what kind of insurance you are talking about. If you are talking about homeowners or liability insurance, it would depend on whether it was felt there was some sort of liability to someone. Usually "intentional acts" are excluded from coverage so it is highly unlikely a claim against an insurer would be successful.
A person who acts on behalf of an insurance company in the solicitation of an insurance contract is known as?
Agent
What is the journal of life insurance premiums 6000 was paid on behalf of owners?
Drawings A/C Dr To, Cash A/C .... (Being life insurance paid on behalf of the owners.)
What does it mean if your homeowners insurance carrier is not licensed by the Alabama Department of Insurance?
It just means they are not an "admitted" carrier. This required the insurance to be obtained through an insurance Broker. Your agent will usually obtain this coverage on your behalf. They sell a variety of types of coverages and policies so it is best to find an independent insurance agent to inform you of the any difference in the policy itself. You will also be required to pay a policy tax to the state which the broker will explain within the entire premium.
How can you get a refund when your mortgage company and you both pay for homeowners?
Yes and it happens quite often. Usually when you let you Homeowners insurance cancel or change companies and fail to notify your insurance company to send a copy to the mortgagee. If the mortgagee does not have proof that you have insurance and have them listed on such insurance, they will place "force-placed" coverage on the property to protect themselves and they will charge you for this coverage. As long as you get them notified and proof quickly, they will cancel their policy and refund you the premium. Make sure you know that the coverage they purchase on your behalf only covers them and covers no contents of yours, no liability coverage, and only covers the bare minimum coverage. And it is usually more expensive than homeowners you buy on your own. When you get a mortgage on your home your agreement is that you keep insurance on the home. If you let it cancel or don't have such insurance you are in breech of contract and they could foreclose on your home or put this coverage on it, their choice.
What is the role of auto insurance brokers?
The role of auto insurance brokers is to sell some type of insurance. For example, the role of insurance brokers is to sell insurance on behalf of different insurance companies.
If I am working as a babysitter and my car is damaged from a falling branch in the homeowners driveway do they have to pay for the damages out of their homeowners insurance?
It depends on whether the homeowners were aware of a potential problem with their trees/limbs. If they knew of a dead tree or limb, there is a possibility of liability on their behalf. The key to this is proving that they were aware of a potential problem, which is very difficult to do unless they have been warned in writing. This is the only way their homeowners policy would cover your damage as well. Otherwise, if it was just a tree limb that fell because of wind, you have no legal recourse against the homeowner. It's just an "act of God" = weather.
What is force-placed or lender-placed insurance?
A Bank or Mortgage company requires that the borrower maintain "hazard" insurance and list them as an additional insured. The "hazard" insurance is a homeowners or dwelling fire policy. If they do not receive proof of insurance coverage or if they receive a cancellation from the insurance carrier they will secure coverage on your behalf to "protect their interest" . This policy is usually a Fire Policy that Only covers the Bldg for the amount of the loan. It will not provide coverage for personal property or liability. The premium is high and they will simply increase the mtge payment to escrow the payment for this policy.
