Insurance Loss Claims General Procedures

Please note: Dedham Institution for Savings reserves the right to alter insurance loss claims procedures at its discretion. The questions and answers are provided as general information only.

Frequently Asked Questions:

  1. Why is my insurance claim check payable to both Dedham Savings and me?
  2. Will Dedham Savings endorse my claim check?
  3. Can I pay my loan balance in full with my insurance claim check?
  4. May I use my claim check to pay my past due payments?
  5. What happens if my claim amount is greater than the principal balance on my loan?
  6. My Claim amount is $10,000 or less what shall I do?
  7. My Claim is greater than $10,000 what shall I do?
  8. What documents do I need to complete my claim?
  9. Where should I mail my claim check and documents?
  10. May I go to a Dedham Savings branch and have my claim check endorsed?
  11. May I have my insurance claim check returned to me by overnight delivery?

1. Why is my insurance claim check payable to both Dedham Savings and me?

As Dedham Savings holds an interest in your property, we are responsible for ensuring that repairs are satisfactorily completed and your home is restored to its preexisting condition. Please call Loan Servicing at 781-329-6700 Ext 301 and we will gladly walk you through this process.

2. Will Dedham Savings endorse my claim check?

If your payments are current and your claim is $10,000 or less, upon receipt of the required documents, we will endorse the check and send it back to you. If the claim is greater than $10,001, please see below for specific instructions.

3. Can I pay my loan balance in full with my insurance claim check?

If your claim amount is greater than your outstanding loan balance, you may pay off your balance. Before doing so, please obtain a payoff quote from us to ensure that your claim funds will cover the total outstanding amount.

4. May I use my claim funds to pay my past due payments?

Insurance claim funds are intended to repair your home to its preexisting condition. You may not apply your insurance claim check to any past due payments on your mortgage unless it's enough to pay the full loan balance.

5. What happens if my claim amount is greater than the principal balance on my loan?

If you choose to pay off your loan and your claim amount exceeds your principal balance, we will release the difference to you.

6. My claim amount is $10,000 or less what shall I do?

If your mortgage payments are current, please mail the unendorsed check along with the following documents:


Upon receipt of all the above documents, we will endorse and return your check within five business days. If your mortgage payments are not current, please call us at 1-781-329-6700 Ext 301 for assistance with your claim.

7. My claim amount is greater than $10,000 what shall I do?

If your mortgage payments are current, please mail the unendorsed check along with the following documents:

  • A copy of the letter from the insurance company received with the check
  • The detailed repair estimate received from your Insurance Company or the Insurance Adjuster's Report
  • A copy of Contractor's Estimate and Contract Agreement prepared by a licensed and insured contractor signed by you and the contractor
  • Completed and signed Conditional Waiver of Lien signed by Contractor. Please note if you have multiple contractors, a Conditional Waiver of Lien must be completed and signed by each contractor.

Once we receive your check, we will deposit the insurance check into an interest bearing escrow account and disburse as follows:
  1. The first one-third (1/3rd) of the total claim amount will be disbursed payable to all borrowers and the contractor to begin the repairs.
  2. The second one-third (1/3rd) will be disbursed upon receipt of a report from our inspector indicating 50% of the repairs have been completed. Please contact us at 1-781-329-6700 Ext 301 to request the inspection. The inspection will be scheduled within five days from receiving your request.
  3. The remaining claim funds will be disbursed upon a final inspection report by our inspector indicating the repairs are 100% complete.

8. What documents do I need to complete my claim?

Below, you will find a detailed explanation of the documents you may need when you forward the insurance claim to us for endorsement.

  • Adjuster's Report or Estimate – An Adjuster's Report or estimate is an itemized list of damages to the property provided by the insurance company. The Adjuster's Report outlines the total amount allotted for each portion of your claim.
  • Contractor's Estimate – A Contractor's Estimate is the written proposal that the contractor will provide to you itemizing the total cost to repair your home.
  • Conditional Waiver of Lien – The Conditional Waiver of Lien is completed by your contractor confirming that the contractor will waive any claims of lien conditional on receiving payment in full for labor and materials.
  • Certification of Intent to Repair/Homeowner Completed Repairs – The Certification of Intent to Repair/Homeowner Completed Repairs is to be signed by all borrowers on the loan. By signing this form, you are acknowledging your intent to repair the damaged property and agree to pay all contractor's and bills related to the repairs to the property. You also agree that no material or labor liens will occur as a result of labor performed and/or materials used.

9. Where should I mail my claim check and documents?

Overnight delivery:
Dedham Savings
Attn: Loan Servicing
55 Elm Street
Dedham, MA 02026
First Class Mail delivery:
Same as above

10. May I go to a Dedham Savings branch and have my claim check endorsed?

You may take your claim check to any Dedham Savings branch along with all the required documents for endorsement as long as the claim is less than $10,000, not a Total or Near Total Loss; the loan is not past due more than 30 days; or you have not filed for Bankruptcy.

11. May I have my insurance claim check returned to me by overnight delivery?

If you provide Dedham Savings with a pre-paid overnight delivery label and envelope, we will return your check to you by overnight delivery within 72 hours of receipt.

Forms

Certification of Intent of Repair/Homeowners Completed Rapairs
Conntractor Release -
Conditional Waiver of Lien

Statement of Completion
and Satisfaction