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Update LL insurance on change of PM

Discussion in 'Property Management' started by hash_investor, 7th Jun, 2016.

  1. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    912
    Location:
    Sydney / Canberra
    Hi,

    I have an LL insurance with terry sheer where I provided the name of PM while arranging the quote. Now I am in the process of changing the PM, do I need to update the insurance as well?

    Thanks
     
  2. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,106
    Location:
    Melbourne, Australia
    Always best to, yes. Insurers will use anything to wriggle out of paying out on a claim. Don't let "you didn't tell us of your new PM" to be one such excuse.
     
  3. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    112
    Location:
    Gold Coast
    I'm not sure whether it is an actual requirement with them, but certainly not a bad idea. The bigger issue with TS policies is if you were changing to self manage the policy, as the policy terms change completely. In your case however it shouldn't present any problem. We would always like to know changes to management arrangements for invoicing etc. and in the case of a claim, but it's certainly not something that would ever be used to get out of paying a claim (speaking for EBM that is).
     
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