Vacant Possession Indemnity
Introduction
If a borrower defaults and you need to sell a property as a mortgagee in possession, unforeseen circumstances may prevent you selling with vacant possession. In this situation, lenders are faced with the risk that the sale price may be significantly lower that the market value, and the possibility of suffering a financial loss.
A new approach
There are many reasons why a property that you have repossessed and need to sell remains occupied, but with Excel's Vacant Possession Indemnity, you no longer have to worry if you are unable to sell with vacant possession.
Simple and flexible
Our Vacant Possession Indemnity is an annual policy which protects you against losses you may incur following default by a borrower under a mortgage. Once you have taken charge of a property, the policy protects you against a range of risks, such as squatters taking unlawful possession or a tenant being protected under the Rent Act. For a full list, click here.
Vacant Possession - key benefits
- Protection for your entire residential property portfolio during the period of insurance
- Competitive premiums adjusted up or down as appropriate, at year end
- No claims and size (of mortgage book) discounts applied to renewal premiums
- Flexible cover - the policy automatically extends cover and all benefits for up to 60 days with the completion of any merger with or acquisition of, another mortgage lender or mortgage portfolio
- CML handbook compliant
Our policy wordings are available on request. Please click here to contact us and request a copy.
Want to know more about Vacant Possession Indemnity? Click here for our FAQs.
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