Real Estate Market: Beware Of Insurers Now Contracting Out Of Obligations To Pay Insurances In A Reasonable Time
Up until 4 May 2017, where insurance contracts were made under the laws of England & Wales, Scotland or Northern Ireland, insurers were under no obligation to pay claims within a reasonable time unless an insured had specifically negotiated that term into an insurance contract.
Series: Any Relief for Mortgagees on the Issue of Lease Forfeiture? Part 1: Forfeiture for Breach of Covenant & Mortgagee Protection Provisions
Ask a lender to name their top three red flag issues when it comes to commercial property due diligence and, more likely than not, "lease forfeiture clauses" will feature in that list.