shimself
Member of DD Central
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Post by shimself on Jun 6, 2022 10:08:56 GMT
Question (31/05/2022) (re Epping) "We understand that the valuer is now in liquidation and it is not known whether there is a notified insurer."What does NOTIFIED mean, and surely you always verify that the valuer has sufficient liability insurance as part of standard due diligence?
Answer (06/06/2022) Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 6, 2022 10:30:58 GMT
Question (31/05/2022) (re Epping) "We understand that the valuer is now in liquidation and it is not known whether there is a notified insurer."What does NOTIFIED mean, and surely you always verify that the valuer has sufficient liability insurance as part of standard due diligence?
Answer (06/06/2022) Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer. We aim to have an answer or, at the very least, a further update on progress within the next five working days. Well mine was more complex as it required 5 pieces of info from the file - same response - probably need to give them a head start on the applicability of the 2010 Third Party Rights against Insurers Act
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blender
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Post by blender on Jun 7, 2022 8:02:02 GMT
I guess that the third party is the platform, but not the p2p lender who suffers the actual loss. If the p2p lender could claim against the insurer of the p2p valuer then the valuations might be more careful. Or have I got it wrong, again?
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