We have insureds refinancing their homes and the mortgagee is requesting a binder prior to setting the closing date. We could change the mortgagee on the policy and issue the binder, but this would create a problem for the current mortgagee’s interest. Should the attorney be asking for an evidence of property insurance form to set the closing date?
For additional information on refinancing property, see Ask PIA 900235.
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Professional Insurance Agents is a voluntary, membership-based trade association representing professional, independent property/casualty insurance agents.
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