All Topics / Help Needed! / WRAP specific insurance policies?

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  • Profile photo of Monahan_2Monahan_2
    Member
    @monahan_2
    Join Date: 2004
    Post Count: 18
    March 11, 2005 - 7:11 am

    I am looking for a wrap specific insurance policy for two reasons:
    – to insure against malicious damage caused by the wrap purchaser
    – to insure against the risk that the wrap purchaser stops making repayments. I’m not sure if there is a policy around that protects against this – but I’m hoping there is…

    Does anyone know of any wrap specific insurance policies? How much extra premium is charged on them? Are they worth it?

    Thanks
    Greg

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    March 11, 2005 - 10:21 am

    Hi Greg

    As far as I know the only company that will do a building insurance policy for a house which is going to be on sold using an Instalment Contract is Australian Unity. And the broker who got this policy set up by Australian Unity is Money Matters Financial Services in Melbourne. The person to talk to there is Thad Bednarski (03) 9571 5700.

    They also cover malicious damage by the wrappees. The policy premium is 40% higher than your standard building policy and even though people have been trying to get that reduced, no luck yet.

    I don’t know of anybody selling a policy to cover non payment of Instalments.

    I hope this helps.

    Cheers, Paul

    PS. We pay the “normal” premium when we buy the property and then get levied the extra 40% when we send Thad the details of the wrappees.

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Monahan_2Monahan_2
    Member
    @monahan_2
    Join Date: 2004
    Post Count: 18
    March 12, 2005 - 4:45 am

    Thanks Paul!

    I had heard that someone called Thad was who I had to speak with but had no idea who he was! There can’t be too many Thads around – so I’m sure this is what I’m looking for.

    Thanks for that – you’ve saved me a lot of messing around trying to find him.

    Greg

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