|nsurance cancellation

by Beth
(Barrie Ontario)

I am a co-signer on a mortgage owned by a family member. They were to keep the place insured. The insurance was canceled. No one notified the bank or me of the cancellation. We only found out when the place burned down. Shouldn't the bank and I have been informed by the insurance company our assets were no longer covered?


Mortgagee Notification


Hi Beth
The normal practice for most insurers is to notify the mortgage holders if the policy is canceled.

You might have legal remedy available if you were not advised.

Good luck!

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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