The flat I sold recently to my cousin brother has a fire policy cover. Can I transfer the policy to his name or will he have to purchase a new one?
Since the property now belongs to your brother, you no longer have an insurable interest in it
The flat I sold recently to my cousin brother has a fire policy cover. Can I transfer the policy to his name or will he have to purchase a new one?
Renuka Shash, Pune
Your cousin brother will have to get the house insured under a fresh insurance policy in his own name. This is because there is no provision in the fire policy to transfer the insurance cover for an immovable property. Since the property now belongs to your brother, in terms of insurance, you no longer have an insurable interest in it. It would, therefore, be best for you to cancel the existing policy and claim a refund of the premium.