Insurance, Switching Or Adding On...
I know it's been discussed, probably ad nauseum, lol, but I'm still confused. I have Tingle's manual (Great, thanks!) as well as the France's, and plan on getting Locke's as well. So far I'm liking Charlie and Randy's way of dealing with insurance, but want to know if anyone has actually done it this way. Basically they have a "notice to insurance company" that the seller signs, that says "please add Trust Number #####, Trustee and/or assigns as an additional insured..........this policy should now be a Landlord Policy with $1000 deductible.......send all correspondence to them" etc, etc. The notice is sent to the ins co after the sale.
I keep thinking it can't be this simple! But I would love it if it worked at least most of the time. Any chance?
Here's my take:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=472
Tim
Okay, so you have your own company that you have a landlord policy written on with you as first payee and then the mortgage co, and the orginial owner as the additional insured? I'm not that concerned with the DOS clause honestly, it's more a matter of doing things the easiest way possible for me. I'm currently looking at insurance companies, I want a backup at least if the letter doesn't work, or to start doing subject to's with. Thanks for the article!
Hi mweaver606,
Can you forward me the full name of Charlie/Randy and the title of their books? I'm planning on doing "subj2's" and would like to know the proper/simple way of dealing with this issue w/o triggering a DOS...
Thanks for all of your help.
Peace & Blessings
JB
So far I'm liking Charlie and Randy's way of dealing with insurance, but want to know if anyone has actually done it this way. Basically they have a "notice to insurance company" that the seller signs, that says "please add Trust Number #####, Trustee and/or assigns as an additional insured..........this policy should now be a Landlord Policy with $1000 deductible.......send all correspondence to them" etc, etc. The notice is sent to the ins co after the sale.
Quote:
On 2004-04-08 20:40, mweaver606 wrote:
Okay, so you have your own company that you have a landlord policy written on with you as first payee and then the mortgage co, and the orginial owner as the additional insured? I'm not that concerned with the DOS clause honestly, it's more a matter of doing things the easiest way possible for me. I'm currently looking at insurance companies, I want a backup at least if the letter doesn't work, or to start doing subject to's with. Thanks for the article!
The DOS usually is a concern (though I am with you, it really doesn't concern me THAT much). However, don't forsake proper protection for Y-O-U (or your entity) for simplicity. Make sure it's you that can recover without battling an insurer over contract language and policy syntax. Just my 2 cents...
Quote:
On 2004-04-08 21:45, norrist wrote:
Quote:
On 2004-04-08 20:40, mweaver606 wrote:
Okay, so you have your own company that you have a landlord policy written on with you as first payee and then the mortgage co, and the orginial owner as the additional insured? I'm not that concerned with the DOS clause honestly, it's more a matter of doing things the easiest way possible for me. I'm currently looking at insurance companies, I want a backup at least if the letter doesn't work, or to start doing subject to's with. Thanks for the article!
The DOS usually is a concern (though I am with you, it really doesn't concern me THAT much). However, don't forsake proper protection for Y-O-U (or your entity) for simplicity. Make sure it's you that can recover without battling an insurer over contract language and policy syntax. Just my 2 cents...
What I meant more was that we are prepared to refinance and still hold up our end of the deal if it happened - but I certainly don't want to trigger the DOS!
(Charlie and Randy France **Please See My Profile** - I just met them in Atlanta, and Bob Meister, they were great. And of course Ron LeGrand and all the others. I wish I could make it to the TCI Orlando conference but I already have another conference for my other business in Vegas that weekend - maybe next year!)