Named additional insured on a non performing note

[Matthew Hell]

Hey there, we bought a note for about 8000.00, non performing, and have not had success with contacting the borrower.  We need to be included on his insurance policy for the property.

How does one contact the homes insurance company to be named as part of the policy holder.  Any help needed.

[Derek Lacy]

They will not add you as a named additional insured without permission of the homeowner.  I would think the mortgagee would be more appropriate anyway.  Most insurers and agents will require some sort of proof that you have authority in what you request.  Usually a signed document by the mortgagor would work.  

You may need a forced place insurance policy to cover your interests if they are not going to respond.  We or an agent of your choosing can help you with a lender placed policy, but they are more expensive than traditional coverage.