Posted by Brian (UT) on October 20, 2005 at 12:21:55:
Wendy
You are very smart and wise, so listen to your own advice, it is right on target.
Brian
Insurable interest of purchaser vs seller - Posted by Wendy
Posted by Wendy on October 19, 2005 at 16:22:59:
In New York State, our church is selling our building to a local corporation. A prepossession agreement has been made while we wait for all legal paperwork to go through, which will take a few months. The purchaser is buying an insurance policy which will supposedly include insurance on the building, and we are being told we can cancel the building coverage part of our multi-peril policy. I think that until the closing, the property is still ours and we should carry insurance on it. The purchaser can get insurance for his interest and improvements, but if the building were to burn down and we did not have property coverage on it, I would think we might have difficulty getting any sort of compensation, much less an adequate amount.
Are we putting ourselves at risk if we do not keep insurance on the real property?