Lender Insurance Services
Overview
HML can request and check a borrower’s buildings insurance schedule on a lender’s behalf. If there is no appropriate cover in place, then we will place the property onto Lenders Insurance Only (LIO) insurance, to cover your interest as per the terms and conditions of the mortgage contract.
Trust HML - the ability in financial outsourcing - to help you reduce your risk exposure.
Features
- HML request proof of buildings cover, check the details and provide notification on its validity
- we stress to the customer the risk of not having appropriate buildings cover in place
- an annual check ensures that cover is in place
- borrowers pay the insurance costs to cover their lender’s interests
- if we later receive an appropriate schedule, borrowers are moved off the LIO policy and all payments are refunded
Benefits
- reduces your risk exposure
- TCF compliant
- can be managed as part of an overall insurance package including Possessions and an umbrella ‘Failure to Insure’ policy arranged through your insurance provider
- HML has a deep understanding of the buildings insurance market and deals with a range of leading insurers for existing client mortgage books
- process developed on experience of the market and ‘best practice’ principles
- HML has over 20 years of Insurance Administration experience
Want to know more about this proposition?
Call 01756 776729 or contact us online
Related
5 October 2011
ABI announcement exposes lenders
