# Insurance claim, cheque made out to mortgage company and me.



## bond-007 (28 Jul 2008)

I had a claim for water damage with Zurich which they will pay up on. They are making the cheque out to me and the bank that the mortgage is held with. How am I supposed to cash the cheque? What is the banks involvement at this stage? 

Thanks 
007


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## Ravima (28 Jul 2008)

Banks have agreements with insurers and you would have had bank complete a form at time of taking out mortgage, that their interest would be noted on policy. Some lenders even insist that policy is in joint names of lender and borrower. 

The textbook reason, is that in the event of a total loss, bank do not want you running off with cheque and leaving them with the site!


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## bond-007 (28 Jul 2008)

Fine, I can understand that. 

In my case will the bank simply reissue the cheque to me? It is a few thousand for repairs?


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## Ravima (29 Jul 2008)

I don't know.

Can you not simply lodge to your account with that bank and draw of your own cheques for repair bills?


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## sandrat (29 Jul 2008)

what did the bank say when you asked them?


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## bond-007 (29 Jul 2008)

sandrat said:


> what did the bank say when you asked them?


Not yet as I have not received a cheque yet.


Ravima said:


> I don't know.
> 
> Can you not simply lodge to your account with that bank and draw of your own cheques for repair bills?


My mortgage provider is not a high street bank so that is sadly not possible.


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## willemm (27 Nov 2014)

*same problem*

Claimed against my 123.ie home insurance, and received this 16th century item called 'a cheque', made out to me and my partner and Ulster Bank.

Since we don't have a joint account I got them to re-issue this 'cheque' thing in my name and Ulster Bank.

Now what? I don't have an account with Ulster Bank and even if I did they said they wouldn't be able to cash it as there's another party named on the cheque.


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## 44brendan (27 Nov 2014)

The cheque is always made out to the interested parties on the policies. Assuming that both you and your partner own the property the cheque will be made out to both of you, plus the bank who's interest is noted on the policy. You need to contact UB mortgage dept in order to get permission to have the cheque issued to both of you. I'm surprised that the company re-issued the cheque excluding the name of your partner. This would be most unusual if she is named on the policy!!


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## Ravima (27 Nov 2014)

you say that you were paid with a 16th century thing - a cheque. What did you expect, a 7th century thing - cash? insurer will always make cheque payable to POLICYHOLDER and any SECONDARY INTEREST (lender) on the policy. If your partner is a joint Policyholder, then insurer should NOT reissued cheque without his/her name. 

Is your mortgage with Ulster? Assuming it is, then call to the bank where you took out the mortgage and have a (civil and courteous) chat with someone in authority. If Ulster no longer have an interest in your property, they should write to insurer and tell them. Then insurer will issue cheque without Ulster Bank being a payee


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## Padraigb (27 Nov 2014)

willemm said:


> Claimed against my 123.ie home insurance, and received this 16th century item called 'a cheque'...


Don't complain about 16th century items; insurance is also a 16th century thing.


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## willemm (28 Nov 2014)

willemm said:


> Claimed against my 123.ie home insurance, and received this 16th century item called 'a cheque', made out to me and my partner and Ulster Bank.
> 
> Since we don't have a joint account I got them to re-issue this 'cheque' thing in my name and Ulster Bank.
> 
> Now what? I don't have an account with Ulster Bank and even if I did they said they wouldn't be able to cash it as there's another party named on the cheque.


 
Ok got it sorted (I think). Finally got on to somebody in the Ulster Bank Mortgage department who knew about this (people in the branch or online didn't know), and apparently all we have to do is send them the cheque and they will magically transfer the money into our account. 

I wonder how this is going to work when cheques will (finally) be made obsolete by the end of next year? Maybe these companies will start using electronic transfers like anywhere else in the world?


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