Unit owner trying to get on master policy

Our insurance agent called yesterday to let us know that one of our unit owners tried to get herself added as a named party on the board's property insurance (townhouses). Apparently it's related to her trying to refinance her unit.

Our agent denied her request, since he saw no valid reason for it and of course does not have any authorization from us to deal with her, but why would she be trying to do this? She is also a real estate agent so I find it hard to believe she didn't know that she was doing something unorthodox.

Thanks

I think all the owner is looking for is some assurance that there is insurance. If memory serves me correctly (having owned and sold a townhouse), there is a method of doing this and it is a standard request.

An aside but along these lines. Our Covenants say the HOA will be named as co-payee on ones homeowners insurance. Keep in mind we are standalone patio homes and one insures there home as a private home. The reason the association is a co-payee is if say ones home burns to the ground they cannot take the insurance money and run. Also it is to protect the association that the home will be restored to an approved standard which means the same style/design as the other homes.

We get phone calls from people saying my insurance agent says they never heard of such a thing. Once explained why plus the fact that they signed and agreed to it, they do it.

We had one agent decide to test us. A quick letter to the agent from our attorney stopped him dead in his tracks.

My point is that not all insurance agents know of what they speak of.

Hope this helps.

I agree with Shelia. Typical request and the term "unit structure insurance" rings a bell.

Jennifer,

Did you ever play that old game called "Telephone?" One person whispers a message into the next person's ear and he is supposed to repeat what the first one said. By the time the message makes it to the last person it has been totally transformed into something unrecognizable.

That sounds like what has happened here. The owner is trying to refinance and the lender wants some sort of proof that the structure is insured. The owner repeated what she thought they said to your agent and he repeated back to you what he thinks she said. And you told us what you think he told you.

I would suggest asking the lender to contact the insurer directly to request what they need. No one knows what the lender wants better than the lender himself and you have seen what happens when others who do not understand the request get involved.