Legal Question in Real Estate Law in Washington
loan insurance
We have a commercial real estate loan on apartments. Our bank is charging for insurance for non-compliance of obtaining insurance on our own. Every month since June of last year, we have provided them with the proof of insurance and they tell us it is cleared up. Every month we get a notice that they will take out an insurance policy on our behalf. This month the letter states our payment is going up by this additional insurance policy. We do not have impounds and we pay all our taxes and insurance promptly. Our insurance agent has also been sending proof and is stymied. What is our recourse and next action to take? We are in WA, property is in OR and billing is coming from CA and TX
1 Answer from Attorneys
Re: loan insurance
If you are the owner of a commercial property in another state, surely you have funds to have an attorney review the proof of policies correspondence and notify the bank that you will not be paying any additional insurance premiums just because they aren't receiving your mail.
The surest way to clear this up is to send certified mail with a cover letter detailing all the proof you have sent. If your insurance agent is mistified, get a new insurance agent.
But I cannot give you real advice; no attorney can unless or until they can review the correspondence.
That's my take on it. Powell
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