can the bank actually 'force' you to buy the fire insurance, like legally?
anyone know the related regulations in favor or against that?
thx
fire insurance
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 Jun 3 2019, 01:15 PM, updated 7y ago
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#1
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Junior Member
61 posts Joined: Sep 2016 
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Jun 3 2019, 01:45 PM
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#2
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yea i got cover from JMB, but
the insurance provider and the bank are partner, if i dont opt out from the bank auto charge, it will actually double insured themselves. it look quite stupid to me. This post has been edited by ilovemorgiana: Jun 3 2019, 01:45 PM |
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Jun 4 2019, 11:18 AM
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#3
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QUOTE(aurora97 @ Jun 3 2019, 03:10 PM) Wait this is new or existing loan? existingAnswer a bit differentleh...  |
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Jun 4 2019, 11:19 AM
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#4
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QUOTE(hanhanhan @ Jun 4 2019, 12:25 AM) the JMB/MC has the legal duty to insure a strata building from fire damage (thus each year you need to pay fire insurance to the management). thanks for the info. i just being lazy Upon payment, you have to obtain a copy of the fire insurance certificate (for your unit) and forward it to the bank, failing which, the bank will deem that you did not purchase one and will proceed to do so with their own panel insurers (thus there'll be double coverage for your unit). The bank is not obliged to obtain the fire insurance cert from the management themselves as it is your obligation to do so (can refer in the bank's Deed of Assignment).  |
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