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Commercial property: refinancing

Refinancing? Make sure your coverage fits the new loan.

Every lender writes its own insurance requirements. A policy that satisfied your last lender may not satisfy the next one.

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What usually goes wrong

  • The new lender wants higher limits or different deductibles.
  • The mortgagee and loss payee wording changes, and nobody updates it.
  • Required coverage like earthquake or flood is added late.

How we handle it

  1. Get the new lender's requirements early.

    They're usually a section of the loan agreement or a separate insurance exhibit. Ask for them when you have a term sheet.

  2. Compare your current coverage line by line.

    Limits, deductibles, valuation, required perils, and the mortgagee clause: the policy wording that names and protects the lender.

  3. Tell you exactly what changes.

    In writing, before anything moves.

  4. Endorse or market.

    We endorse your current policy where that works. Where it doesn't, we take the account to market.

  5. Deliver updated documents to the new lender.

    The evidence of property insurance, certificates, and endorsements, with the new lender named exactly as specified.

What to have ready

  • Your current policies or declarations pages
  • The new lender's insurance requirements
  • Loan closing date
  • Lender name and contact
  • Any recent changes to the property: renovations, new tenants, updated values

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Timeline

Every step is planned back from your date.

  1. Term sheet
  2. New lender's insurance requirements in hand
  3. Line-by-line comparison
  4. Coverage endorsed or marketed
  5. Updated documents to the new lender
  6. Loan closing date

Common questions

Can you deliver documents directly to our lender?

Yes. We send the binder, evidence of insurance, certificates, and endorsements to your lender and escrow.

What do you need from us?

Your current policies if you have them, a statement of values, five years of loss runs, and your lender's insurance requirements. Missing something? Start anyway.

Do we have to move every policy to you?

No. That's your choice. Many clients start with one property or one renewal.

How are you paid?

Insurers pay us a commission when we place your policy.

See how we're paid

Have a date coming up?

Tell us what's happening and when. Your broker will reply within one hour on business days.

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