An interested party is any other person or organisation with a financial interest in the property, such as a mortgage provider, Council, Shopping centre or landlord.
A person or company can be noted as an additional interest on an insurance policy as they may have an insurable interest in the person or the property that the insurance policy is covering.
The interested party noted on an insurance policy could potentially lose money or suffer a financial loss in the event that the insured needs to make a claim against the policy.
A basic example of an interested party is a mortgage lender when purchasing a property.
PLEASE NOTE THIS DOES NOT REPRESENT 'FINANCIAL ADVICE' AS EACH PERSON'S INDIVIDUAL REQUIREMENTS WILL BE UNIQUE TO THEIR SPECIFIC NEEDS.
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