News & Analysis as of

Property Insurance Mortgagee

Butler Weihmuller Katz Craig LLP

Full Consent to Assignments

Because there can be more than one individual or entity that holds an interest in property, a property insurance policy is generally drafted in such a way to identify and protect all the individuals or entities who have an...more

Cozen O'Connor

Still Crazy After All These Years: Recent Developments on the Standard Mortgage Clause

Cozen O'Connor on

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

Bradley Arant Boult Cummings LLP

After the Waters Recede: The Mortgage Servicer’s Role in Navigating Insurance Claims, Part II

In the first part of the series “The Mortgage Servicer’s Role in Navigating Insurance Claims,” we covered assessing the damage in the wake of a natural disaster and applying the proceeds when complying with the terms of...more

Cozen O'Connor

Minnesota Harmonizes the Mortgage Clause and the Vacancy Clause

Cozen O'Connor on

Lat week, Minnesota’s highest court unanimously held that a mortgagee’s recovery for vandalism damage to a vacant building is only barred by the vacancy clause if the insured’s acts caused the vacancy. The decision is ...more

Cozen O'Connor

Illinois Court Holds Vacancy Clause Does Not Bar Vandalism and Theft Claim by Mortgagee

Cozen O'Connor on

In a case of first impression in Illinois, a unanimous panel of the state’s Appellate Court recently addressed the interplay between a vacancy clause and a mortgagee provision and held that the insured’s failure to comply...more

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