Who's name should the policy be in? Property Insurance

[beentheregottheTshirt]

Hi, this is an odd one.

 

I live in London and am helping my brother-in-law who lives on the family farm in Southern Ireland to sort out proper small holding farm insurance.

 

History:The late parents left the farm to the 4 children in equal parts, but put the property in the name of the youngest sister because she lived in Ireland at the time and the one remaining male living on the farm (the youngest brother) in Ireland was unable to handle administrative issues. He's the one I'm helping.

 

Living on the farm now is the eldest brother who moved back from the UK some years ago, but as the youngest brother effectively ran the small farm once the parents had passed, everything that goes on there on a daily basis is in his name - including the insurance.

 

Trouble was that the insurance he had was a pure home insurance policy which covered diddly-squat by way of risks on a farm.

 

The policy is now up for renewal and I took a look at it for him. The 2 brothers split the cost between them, but the policy is in the younger brothers name.

 

My question is: As the title deeds show the younger sister as the owner of the property at the Land Registry, would the younger brother have any likely problems if a claim had to be made on this policy?

 

He's not a tenant as such and even if he was, would he be able to take out a policy to cover the buildings?

 

These policies are not cheap and there's no point in taking it out in his name if were he to make a claim, this issue restricted the progress of such a claim or ruled it out altogether.

 

Just as a rider to this, there are sentimental and very sensitive feelings between some of these four that the property is soley in the sisters name which makes it difficult to ask the sister to take out the insurance herself - if it were that simple I wouldn't be asking you learned people! The devil's in the detail and that's why I'm doing this instead of them - they've  been underinsured for years and it needs to be put right!

 

Thanks in advance for any input.

[dx100uk]

AFAIK it doesn't matter who the policy name is in ??

 

 

[unclebulgaria67]

The Insurance policy should note those with Insurable interest.  If the title deeds for the property are in the younger sisters name, it may be easier for her to be the main policyholder, but usually the others with financial interest are also noted.

 

So, if there was a major disaster that destroyed the whole farm, when the Insurers checked available records, the main policyholder matches the land registry and no doubt there would be legal records showing the financial interests of the other members of the family.

 

If this is a working farm, then the farm could be registered under a business name and the Insurance would show the business name, plus who deals with the admin for the family.

[beentheregottheTshirt]

Thanks very much, that's most helpful.

[Ethel Street]

You could insure it in the names of all 4 "for their respective rights and interests".