Has Armada recently contacted you requesting your insurance? Looking for clarification on what exactly we are looking for, and how to get it to us?
Armada typically sends requests when the insurance on file for a borrower’s mortgage is coming to the end of its term or renewal date, and as part of the mortgage terms, borrowers are required to prove valid insurance is in place. Once your renewed/new documents are in place, Armada requires you provide our office with a copy of your policy binder.
Please review the information below to answer any questions you may have.
Table of Contents
- Overview of request
- How to Send Armada you Insurance
- Potential Fees
- Steps to check for an Easy Process
1. Overview of Request
Armada requires proof to ensure that both your home and our interest are protected from extenuating circumstances. Although some insurance plans renew automatically, Armada still requires that the proof of renewal or the newest binder be supplied to our office for record keeping purposes. Your binder can be sent to our office via email as a pdf, image, screenshot, fax, or a mailed paper copy. Your insurance provider may be able to supply it to Armada on your behalf. Your provider may contact you to notify you of this request or may contact you for permission, please accept and release the information.
If your broker is unable to provide your binder directly to our office, Armada will contact you again regarding your insurance renewal closer to the End-of-Term date we have on file. This will include a posted letter, an email, and possibly a phone call to confirm receipt of correspondence. You will have 14 days after the letter is post-dated for Armada to receive your policy.
If you do not send your insurance before the deadline, fees may be applied. Please see section 3 below for more information.
2. How to Send your Insurance to Armada
Your binder can be sent to our office via email as a pdf, image, screenshot, fax, or a mailed paper copy. The document must be legible, authentic, and include all necessary information. If this information is displayed across multiple pages, you must ensure all necessary pages are included.
The document provided must include the following:
- The date the document was produced
- The insured’s name and address
- Policy end-of-term date
- Armada listed as loss payee
3. Potential Fees
a. Binder Fee
Some brokers may charge a fee to Armada to send your binder. This fee will be what your provider charges for binder processing, plus an additional $75 for Armada’s administrative fee. This fee will be charged to the borrower. Any disputes regarding this fee can be addressed to your personal provider.
b. Failure to Provide Insurance
If you fail to provide your documentation by the deadline you may be charged $75, which would be applied to your mortgage.
C. Insurance Expiry Fee
If you still have not provided your binder to Armada 30 days after your deadline, your policy has expired, Armada’s interest in the insurance has been removed, or information is incorrect, you may be charged $375. This amount will be applied to your mortgage on a monthly basis until your insurance has been deemed correct and ‘In Force’. This fee does not act as a substitute for insurance or liability on your property; you will not be covered.
4. Steps for an Easy Process
a. Ensure contact information is up to date
Please ensure that your contact information with Armada is up to date. This includes your current mailing address (which may be different from the subject property’s address), your preferred phone number, and your preferred email.
b. Ensure your loss payee information is correct
Please ensure that your policy has your lender listed as loss payee. This information may be different for everyone as some insured may have a 1st and 2nd loss payee. Please ensure that the loss position is in the correct place or order, and the lender information and address is listed correctly. Some borrowers do not have Armada as their lender, you will find your correct loss payee on your title certificate, or you can contact our office and our staff can tell you. Please follow the format below for your loss payee.
As an example, the lender information for Armada Mortgage Corporation is as follows:
Armada mortgage Corporation
C405 – 20178 96 Avenue
Langley, BC, V1M 0B2
c. Ensure Required Coverages are in Place
Policies must have Fire, Earthquake, and extended perils insurance for the full replacement cost of the improvements to the property, and must be in force for the continuance of the mortgage, unless otherwise specified. On a condominium/strata lot Armada requires Condo/Content Insurance with personal loss or Special Assessment extension. Standard Mortgage Clause required.
d. Contact Armada if your Insurance Information Changes
If you change your provider, please notify our office. This will prevent any incorrect fees, as we may take action for a cancelled insurance policy. Please provide our office with the new information for your policy as soon as you are able.
e. Plans to Pay Out your Mortgage?
If you have plans to pay out your mortgage with Armada, please ensure that you do not cancel your insurance, or remove Armada’s interest until the date your final funds have been transferred.
If all the information above is in place, providing Armada with your updated insurance policy will be seamless. If you are having difficulties or delays with your provider, please notify our office at your earliest convenience to mitigate any possible fines.
If you have any other questions or concerns, please feel free to email or give us a call.