Investor Guard Insurance for AFS property.

[dpeacock]

I recently purchased a property via AFS in Calgary. While setting up my Investor Guard Insurance with Park Insurance, they cautioned me that any insurance claim payouts would be made out to myself AND the person on title. Obviousely, I'd like to ensure that i alone will be able to cash any insurance checks, without having the current person on title having to sign off as well.

My lawyer is away for a few days so I'm wondering what some of you Quick Turn folks are doing to solve this issue.

I've attended 2 sessions by Barry McGuire and can't recall this matter being discussed.

thanks in advance.

Dan

 

[lanedry77]

Hi Dan,



You could have a power of attorney that gives you the ability to cash an insurance cheque.



Or you could have a joint account where you have the ability to withdraw from without restricions (deposit the joint cheque, then withdraw the funds).





Thanks,



David.

 

[dpeacock]

Thanks David,

I have a power of attorney now, and i'll be setting up a joint account very soon, and find out how i can set it up so i can deposit the cheque and be the only one to withdraw.

Dan