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Why did my insurance company issue my settlement cheque in both my name and the name of my bank?

Why did my insurance company issue my settlement cheque in both my name and the name of my bank?

If you have a mortgage on your house it is normally a condition of the mortgage that a buildings insurance policy is put in place and that the interest of the bank is noted on the policy.

Your insurance company will normally issue a letter outlining the interest of you bank in the insurance policy.

In the event of a successful insurance claim the insurance company will be required to issue the claim cheque in the joint names of you and your mortgage lender if the claim settlement is above a certain level.

Before you can negotiate the settlement cheque you will need to contact your mortgage bank and have the authorise you to lodge the cheque to your account.

Alternatively you can contact your bank in advance of the insurance company issuing the claim settlement cheque and have them issue a letter to authorise the insurance company to issue the cheque without the banks name.

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