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7th April 2022

Dear Client

RE: Our Insurance Requirements

This is just a short reminder of our requirements for property insurance for assets that are charged to the bank in support of your loan.

In addition to standard cover:

  • The bank must be named as co – insured. 
  • The bank must be named as 1st loss payee for amounts in excess of £50,000. 
  • Terrorism Cover must be included (Please note that if you arrange Terrorism Cover separately, the bank must also be noted as co-insured and first loss payee on this policy too).   
  • Subsidence cover must be included.

Where the property is Commercial and Leasehold and the Freeholder refuses to add the above clauses, confirmation of Alpha Bank’s interest is required.

Where the property is Residential and Leasehold, confirmation that policy includes an “Other Interest” clause is required.

You are requested to provide a copy of your insurance schedule annually to us; please email this through to your relationship manager or no later than one month after the new schedule is issued.

Should you have any questions please do not hesitate to contact me or your relationship manager.

Finally, I would like to thank you for your co-operation and continued support.

Yours sincerely,

Joseph Neophitou
General Manager