Hi All
We have recently exchanged contracts to sell one of our IP's. Our tenants vacated the property prior to exchange, so the property is currently vacant.
I have now realised that our building insurance policy with Terri Scheer will expire about 6 days prior to settlement. I rang TS and they said I would still need to pay the full 12 months premium to renew the policy and then we can claim a pro-rata refund following settlement. Is there another way I can ensure we have full cover for the 6 days up to settlement without the need to outlay a full year's premium? For example, could I legitimately organise a cover note from a different insurer and assuming settlement happens, simply not pay the premium within the required timeframe and let the cover note lapse?
I am happy to pay the TS renewal premium if that is what's necessary to ensure the property is properly protected. I just thought I would explore the options to help our cashflow and save chasing a refund. Thanks.
Angela
We have recently exchanged contracts to sell one of our IP's. Our tenants vacated the property prior to exchange, so the property is currently vacant.
I have now realised that our building insurance policy with Terri Scheer will expire about 6 days prior to settlement. I rang TS and they said I would still need to pay the full 12 months premium to renew the policy and then we can claim a pro-rata refund following settlement. Is there another way I can ensure we have full cover for the 6 days up to settlement without the need to outlay a full year's premium? For example, could I legitimately organise a cover note from a different insurer and assuming settlement happens, simply not pay the premium within the required timeframe and let the cover note lapse?
I am happy to pay the TS renewal premium if that is what's necessary to ensure the property is properly protected. I just thought I would explore the options to help our cashflow and save chasing a refund. Thanks.
Angela