PREMIUMS AND PAYMENTS
No policy can be bound without first receiving payment by cash, credit card, check, or ACH (check by phone).
CREDIT CARDS: We only accept MasterCard, Visa, and Discover Credit cards. All credit card transactions will include an additional Convenience Fee which cannot be waived. This fee mary vary depending upon the transaction amount and the cardholder agreement for each card company and it is NOT charged by InsuranceForInvestors, rather, it is charged by the third-party payment processing company as part of the transaction.
ACH (Electronic Checks) – Electronic checks have a non-waiavble convenience fee of only $2.95. This fee is also charged by the payment processor and transactions are only drawn from personal banking accounts. While some commercial checks may be able to clear processing and we will be happy to make the attempt to process these payments, we cannot guarantee that commercial checking accounts will clear the transaction process and uncleared transactions will be treated as unpaid premiums.
- For properties purchased at auction (such as tax-lien or foreclosure auctions) with policies bound the same day, a minimum $50 binding fee above applies and is non-refundable, even in the event the sale is considered void and ownership of the property returned to the original owner.
UNDERWRITING, SERVICING, AND DOCUMENTATION
InsuranceForInvestors has worked to develop and implement many internal processes to make it easier four our investor-customers to obtain and maintain the correct insurance with as little effort on their part as possible. The following policies apply to all underwriting and processing services.
Electronic Signatures and Documentation – In order to communicate and work effeciently, we use an accepted and proven electronic information system to obtain required signatures and/or other information electronically. This adds in maintaining accurate coverage files as well as in quickly issuing policies. All clients have the option of utilizing traditional ‘wet’ signatures and faxing required documents, but it is the customer’s responsibility to ensure that these signatures and documentation are returned in a reasonable and timely period (no longer than 48 hours) in order to avoid coverage issues. If the required documentation is not properly signed and returned, you may receive a notice of cancellation on your policy(ies) or coverage may be denied. InsuranceForInvestors cannot be held responsible for cancellations or lost premiums resulting from the customer’s refusal or delay to submit the required signatures and documentation.
Photos and Repair Information – Depending upon the type of coverage requested, you may be required to submit property photos and/or proof of repairs or property updates (wiring, plumbing, etc). In such as event, it is your responsibility to provide the required information in a timely manner after notification in order to avoid notices of cancellation of a declination of coverage. InsuranceForInvestors cannot be held responsible for cancellations or lost premiums resulting from the customer’s refusal to submit the required information.
It is the customer / client’s responsibility to provide accurate information regarding the property or risk to be insured. Such information includes, but is not limited to; the property’s construction type and features, occupancy and sale status, repairs and updates made, and other similar material information. InsuranceForInvestors cannot be held responsible for losses, cancellations, or lost premiums resulting from erroneous or incorrect information (either intentional or unintentional) by the customer.
- It is the customer’s responsibility to notify us of any changes in the property’s status which may affect the coverage or policy type. Such changes may include occupancy status (ie: going from vacant to tenant-occupied), transfer of ownership, or movement from title in an individual name to that of an LLC or Trust.
INSURING SUBJECT-TO ASSUMPTIONS
- There are certain special situations in which there is no perfect way to insure a property, the most prominent being that of properties with ownership taken ‘Subject To’ the underlying loan or mortgage (such as a Wrap-Around Mortgage). In these situations (which we are very familiar with), there is simply no perfect scenario for issuing policies in a ‘clean’ manner due to the fact that most modern mortgages are ‘non-assumable’ and they do not allow for subsequent ‘Subject-To’ transactions (see our Article ‘How To Insure ‘Subject-To’ Properties). The customer understands and agrees that he or she is taking a calculated investment risk when obtaining properties in this manner and that while we will insure the property properly for these type of situations, within the confines of governing law and applicable insurance regulations, InsuranceForInvestors cannot be held responsible for cancellations, lost premiums, losses, unhonored claims, or mortgage-related issues resulting from the customer’s decision to obtain property in this manner.