A lienholder is a lender like a bank or financial institution that legally has an interest in property until it’s paid for in full.
A loss payee is a party or person that receives payment in the event of a covered loss.
Parties that lend money or property (like a bank that issues a loan or a landlord that leases a commercial building) will often require to be listed as the loss payee on your insurance policy. This ensures that they'll be paid back directly for their property in the event it’s damaged.
To complete this request in your mobile app:
1. Log in to your mobile app.
2. From the main menu, select “Certificates.”
3. Under "Custom certificates," select "Add certificate holder" and fill in the fields with the requested certificate holder information.
4. On the next page, select the checkbox next to “30 day notice of cancelation.”
5. Fill in the name and email of the certificate holder.
6. Select the policy or policies to which you’d like to apply the 30 day notice of cancelation designation.
7. Verify that all the information is correct on the “Review and confirm” page, and select “Confirm.”
To complete this request in your online account:
1. Log in to your NEXT customer account.
2. Go to the "Certificates" tab in the menu and select "Certificates."
3. Select "Add a third party" and fill in the fields with the requested certificate holder information.
4. On the next page, select the checkbox next to “Lienholder or loss payee.”
5. Fill in the name and email of the certificate holder.
6. Select the policy or policies to which you’d like to apply the loss payee designation for this certificate holder.
7. Verify that all the information is correct on the “Review and confirm” page, and select “Confirm.”
After you’ve completed these steps, your certificate of insurance will be available to download and share with this third party directly from your account or mobile app.
Please note that by designating a third party as a loss payee, you're ensuring that they will receive payment directly in case of a claim and 30 days advance notice of cancelation. This means you're agreeing to notify NEXT 30 days before you cancel, so we can notify the loss payee on your behalf in case a policy is set up for cancelation, a payment fails or any other changes are made to your coverage.