When someone other than the policy holder has a financial interest in the home or vehicle that's insured, they're considered an interested party. This is usually the case if you have some form of loan, finance or lease agreement for the item you have insured. It may be a requirement from your financial provider to have them noted as an interested party on your policy.
An interested party isn't covered by your policy, and can't make a claim on your behalf. However, by adding an interested party to your policy you give us permission to share your information with anyone noted as an interested party. For example, if you have a mortgage for your home, your bank may ask to be listed as an interested party on your insurance policy so they can contact us to make sure your cover is up to date.
It's important to note that if you have an interested party noted on your policy, we may partially or fully settle any claim you need to make by making a payment to your interested party. For example, if your car is a total loss, we might be required to pay your settlement amount to your finance provider.
You can find this information noted in your policy document, under the section 'How we administer your policy', under 'If your policy schedule shows an 'Interested party''.