by jodishores » Sat Aug 21, 2010 08:12 pm
We have a small business that purchased a piece of equipment; in the sales contract it stated we needed to have the unit insured. The insurance co had to state in the contract that the financier was the "loss payee" our insurance company listed them as "other interested party". The fianance company has now noticed this (after 3 yrs) and started charging us $50/mo fee until this is corrected.
Posted: Sat Aug 21, 2010 10:36 pm Post Subject:
I've not heard of the term, "other interested party". I'm sure the endorsement has a definition. I'd simply speak to your agent, get is straightened out and then square it away with your lien holder. They should then be able to cancel their coverage.
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