marine mortgage - are these terms reasonable?

[DOK]

I have just been sent the papers for the marine mortgage on my new boat. Never having had the pleasure of such a mortgage before, I am slightly surprised by some of the terms. re insurance, it seems that if there is a claim (other than for total loss), lombard claim the money from the insurers and sit on it until I have had the repairs done and paid for them myself. Only then do I get the funds. Surely, this cannot be right; surely, the insurance company would settle the bill direct with the supplier.

Also, there is a covenant that I "will not sell the boat" - although it doesn't say so, I assume they mean "without our permission"!

I will be calling them to clarify but I am interested in what people on here think.

Thanks

 

[Talbot]

If you dont like the terms, go elsewhere or query them. The insurance one particularly seems to be a rip off.

 

[DOK]

talbot,

Thanks. I did speak with them and am more comfortable now.

 

[Talbot]

always better to do that before entering into an agreement!