In this episode of “Don't Take No for an Answer,” Lynda A. Bennett talks to Stacey C. Tyler, counsel in Lowenstein’s Real Estate practice group, about some of the key insurance coverage issues that come up when a company...more
Did you know that unrelated third parties (like a landlord and a tenant) should not be named a “co-insured” or even a “named insured” on another party’s insurance policy? In fact, the coverage provided to an unrelated third...more
Insurance is a key and critical element to any commercial real estate financing. After all, such financings are usually limited recourse, such that the properties will be owned by a special purpose vehicle with no other...more
A familiar dispute between a carrier and a third party involves the third party’s attacking the language of the insurance contract and arguing in favor of an interpretation not reflected by the plain meaning of the text. But...more
A not uncommon scenario: after examining the charred debris of a property fire, investigators note that the building’s alarm failed to sound and automatic sprinkler system similarly failed to activate because neither had been...more
This article is a follow up to Bruce Wallace’s April 13, 2017 update, "Is your Motor Vehicle Loan Safe?" regarding how insurance policies may not protect the credit union’s lien. Specifically, Mr. Wallace’s update dealt with...more
Insurance policies may not protect the credit union's lien - Today’s insurance world is a complicated scene. Insureds have more choice than ever for insurance coverage. If a federal credit union has a lien on a motor...more
In determining whether or not to provide insurance to a particular applicant, one thing that insurance companies typically rely on is the insurance application submitted by the prospective insured. The application is designed...more
When a lender makes a loan secured by personal property, it will perfect its interest in the collateral under applicable law. To further protect the value of the collateral supporting its loan, the lender will also require...more
Often, an insurance carrier will issue a check to two joint payees — the named insured and either a public adjuster or a mortgagee. What happens when the one payee cashes the check without first obtaining a signature from the...more
As a secured lender, you take a security interest in your borrower’s inventory and/or equipment and then perfect under applicable law. To further protect the value of the collateral supporting your loan, you confirm your...more