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Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insurance, Inc., to cover
the warehouse. Later, Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy. First National agrees to act as Interstate’s mortgagee, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse. Who can recover an amount for its loss?
Good Hands Insurance, Inc. will pay the amount loss.
Expert answered|myx shasmeen|Points 70|
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Asked 9/23/2011 12:59:31 AM
Updated 9/24/2011 2:33:52 PM
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A claim can not be paid twice for the same incident or same property. The amount of the remaining mortgage will be paid to the First National Bank since they hold the mortgage. Any additonal amounts over and above the outstanding mortgage would go to the current owner of the property - Interstate Dist. Corp. The insurance policy still held by Eagle Sales Company is void since Eagle Sales no longer has any vested interest in the property. The policy should have been canceled.
Added 9/24/2011 2:33:52 PM
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Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insurance, Inc., to cover the warehouse. Later, Eagle sells the property to Interstate Distribution Corporation but keeps the insurance policy. First National agrees to act as Interstate's mortgagee, and Interstate obtains an insurance policy from Good Hands to cover the property. A fire totally destroys the warehouse. Who can recover an amount for its loss?
Added 9/24/2011 2:15:02 PM
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