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NOTICE ON FIRE INSURANCE COVERAGE OF PROPERTY
(Bank Name) will arrange the fire insurance coverage on your behalf with an insurer in our panel, (Insurance Company Name) for all landed property(ies) upon first release of the loan (for completed property) or upon your taking vacant posses ion of the property (for property under construction).
The policy will be forwarded to you by (Insurance Company Name) after the premium has been debited from your overdraft/loan account.
Commercial & Industrial Properties
If the property is occupied for commercial or industrial purpose, it is important that you notify (Insurance Company Name) on the current occupation of your premises.
This is to ensure that your property is insured against risks that may arise from the occupation of your property with commercial or industrial activities.
NON LANDED PROPERTIES (Under Strata Title)
(Bank Name) will not require additional insurance coverage on the above-mentioned sub-divided building unit that has been assigned/charged to us to secure your credit facilities.
It is the statutory duty to insure and keep insured the building against any loss up to the replacement value of the building against fire and other such risks.
To protect your interests as the owner of the unit/parcel, you are advised to obtain original sub-certificate of the Master Fire policy yearly (with the Bank endorsed as assignee/chargee).
If your (Insurance Company Name) failed to effect, maintain or renew the insurance of the Property, you are advised to instruct the Bank in writing if you wish the Bank to effect, maintain or renew the insurance for your Property immediately.
Notwithstanding the above, the Bank shall not held liable in any manner whatsoever for any action taken or omission of effect, take out, maintain, renew or increase any such insurance whether by reason of Bank’s negligence or otherwise howsoever.
This is a computer-generated notification and no authorized signature is required
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