Who should be listed as a Stakeholder?

Overview of stakeholders within iink; including their roles, responsibilities, and how to manage them within the platform. This guide ensures a seamless experience while maintaining compliance with necessary approvals.

A Stakeholder is defined as any individual or entity listed on the "pay to the order of" line of a check or anyone receiving funds as part of a transaction.

Types of Stakeholders

1. Homeowner: The payee listed on the check who needs to sign digitally. Homeowners are always assigners.

2. Professional: An individual receiving payment as part of the claim amount and property restoration. They can have different approval statuses:

   • Signer: Listed on the check's pay-to-the-order line and required to sign off on the fund distribution.
   • Approver: Not listed as a payee but required to approve the fund distribution. They may or may not receive funds.
   • Viewer: Individuals who need to edit or review the claim but are not receiving funds. This can include account admins entering the claim into the app.

3. Mortgage Company: If listed on the check's pay-to-the-order line, their signature is required.

4. Insurance Carrier: The entity that issued the check. They do not need to sign or approve the transaction.

    

Adding Stakeholders in the iink App

• At the bottom of the page, click on “+ Add Stakeholder.”
• Choose the appropriate role for each stakeholder.
• Fill in all required information for each stakeholder.

Note: If the homeowner still has the check, iink can send a request to upload images of the front and back of the check to expedite the process.

Directing Payments:

• Once a stakeholder is entered, designate the percentage or amount of funds they will receive when the check is processed.
• Enter either the percentage or the actual dollar amounts next to their name.

Example with a $10,000 check:

• John Insured: 0% - $0.00
• Jane Insured: 0% - $0.00
• Example Public Adjusting: 10% - $1,000.00
• 123 Mortgage: 0% - $0.00
• Sample Roofing: 90% - $9,000.00

After entering the details, click "Submit" to proceed.

Additional Considerations:

• All stakeholders listed on the insurance claim check or receiving funds must review and sign the payment verification request. This includes the fund distribution agreement and authorization for iink to communicate with mortgage companies on the property owner's behalf.

• Stakeholders not listed as payees can receive funds with the approval of all other stakeholders and will be designated as approvers in the payment process.

   

For more detailed information, refer to the following resources:

• How can I add and manage stakeholders?
• Does every stakeholder on the check need to electronically endorse the check for iink to process it?
• Can someone who is not listed as a payee on the check be added as a stakeholder?