What is the obligation to advise the bank on credit insurance?

Case: While on extended sick leave due to a chronic illness, Mr. V learns that his bank is refusing to take over his monthly mortgage payments on the grounds that such ailments known at the time of subscription are excluded. from his guarantee. Should he decide not to be covered?

Counsel’s response: Sure, but Mr. V. could respond by accusing the bank of failing in its advisory duties. And to be compensated for the loss of a chance that he, being better informed, would have received insurance adapted to his state of health. The Court of Cassation confirmed this possibility in relation to the insured who, after the unfavorable development of the disease, which was reported at the time of subscription, objected to the denial of indemnity (2nd Civil Chamber, judgment no. 21-13.670 of September 15, 2009). 2022).

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To the respective bank, which indicated that the contract excluded “consequences of the medical history mentioned in the membership form”, the judges indicated that the borrower should have been better informed about the consequences of the clause. And that the insured could thus take advantage of “the loss of the chance to obtain insurance adapted to her situation” without having to demonstrate that, given such information, she “would confidently subscribe to insurance guaranteeing the risk incurred”. For his part, Mr V. should also be able to claim compensation.

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Barthélemy Lemial, Court Attorney, Partner at Valmy Avocats.

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