proffessional indemnity insurance
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I ve been approved in principle for a mortgage.The mortgage company have all my details including certificate of compliance .Now they want a copy of my architects indemnity insurance ,and he has just informed me that he has none.How is this going to affect the application?They are ready to go to loan offer.
Who is building the house? Yourself or have you hired someone. It is straight forward or is there an element to the design that requires an engineers design?
lots of information on this topic here do a searchhttp://www.boards.ie/vbulletin/forumdisplay.php?f=116
To protect you, the bank will definitely want indemnity insurance from whoever is certifying the monthly payments eg the builder says he’s done €100,000’s worth of work in the first month, this is paid. He’s actually done €10,000’s worth and you never see him again. Ok, extreme example, but in that case the person who certified the work would be negligent. If you have employed the architect to see the job through to completion then he needs to tell you who is certifying payments. If not, you should employ someone – a QS for example – to do it.
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