Changing the Named Insured on a Flood Policy
Imagine the concern at time of loss if the claims check is to be written and there is confusion about who the check should be written to. This should never happen.
Of course, the check is always to be written to the Named Insured and may also include any additional insured or lender, but you want to be sure it isn’t delayed to verify exactly that.
Perhaps the Named Insured is:
- Deceased, or is no longer the current owner of the property by sale or divorce?
- Could there have been a name change without a change in ownership?
- How about if there should be an name added…such as a marriage or
Perhaps the name was simply misspelled?
As you are aware, whenever there is a change in ownership (especially if money is involved) there is documentation needed to prove ownership….with the flood policy, the documents below would be required for the specific reason.
Documentation showing the deceased person no longer listed on the title such as a copy of the deed, probated will or property appraisers’ website data showing the current ownership.
Please note that if notification is received of a deceased Named Insured without the documentation, the carrier will change the name to “Estate of” until further documents are received. If the agent has notified us that a Named Insured is deceased, a copy of the Death Certificate is not needed.
Reassignment of policy due to change of ownership: The person or representative of the entity being removed must sign the change request form. If multiple people are listed, the signature of just one of the insured’s is acceptable. If this signature is not received, we will request the signature from the agent but the policy will not be changed until it is received.
Divorce: The person being removed may sign the change request form, or a copy of the deed or legal divorce paperwork showing which party retained possession of the property is also acceptable.
Change of name / No change of ownership: Changing a last name or adding an additional last name due to marriage or divorce, a written request from the agent is required. No signatures are required
Ø Changing a first name or last name due to a petition to the court for name change, a written request from the agent along with a copy of the court / legal documents is required.
Ø Changing a business name where there is no change of ownership, a written request from agent with the signature of a representative of the company is required
Adding a name: A written request from the agent is required. No signatures are required.
Correcting a typographical error: A written request from the agent is required. No signatures are required.