Consignment of Interest in Insurance Claim-landcontracts,
What is Consignment of Interest in Insurance Claim
Consignment of Interest in Insurance Claim means that the owner authorizes a representative company or person to act on his behalf for getting a fair as well as an equitable claim incase of damages sustained on the house or the property. It says that the owner will post the settlement of the insurance claim employ the services of the company or the representative and the contract price is to be calculated the same way that the insurance claim settlement was done.
In the Consignment of Interest in Insurance Claim the representatives handle all the negotiations with the insurance companies and they are also considered as payees for all the drafts that are loss payable.
The representative or the representative company as per the Consignment of Interest in Insurance Claim acts as per the best interest of the owner of the property and gets the best possible sum for the damage that has been sustained on the property. However, the person does not bear any liability for any of the damages or the representative or the representative company does not act as per the legal representation at all.
The reason why the company is contacted is so that the homeowner is saved off the hassle as well as the inconvenience as well as the paper work which is associated with the claims process.
This Consignment of Interest in Insurance Claim document is signed by the property owner and it gives the details of the property, the insurance company, the claim number, agent number, the mortgage loan number and other details.
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