If a property insured through the Ohio FAIR Plan is re-financed, can I issue an amended declaration reflecting the new mortgagee?
As indicated above, agents do not serve as agents for the FAIR Plan. Therefore, any binder or policy changes must be issued by the FAIR Plan. If the refinancing necessitates the issuance of an amended declaration (policy or binder), a written request must be forwarded to and received by the FAIR Plan. OFP will issue the amendment to the contract as soon a possible. If, because of the re-financing, coverage must be increased to cover the new mortgagee, note that copies of any appraisals should be forwarded with the written request for change to the FAIR Plan. The request and appraisals may be Faxed to us at 614-823-6084 to eliminate mail time. As indicated above, if evidence of coverage is needed for a closing, OFP will need 48 weekday hours, to underwrite the request, make the necessary change, and FAX such evidence to the agent, mortgagee, or closing agent.
