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Difference between Mortgagee and Lender's Loss Payable for a Building in Commercial Insurance?
I just got started in the commercial insurance industry and I want to know more about this. Sometimes banks request to be added as BOTH the Mortgagee and Lender's Loss Payable.
2 Answers
- R BLv 48 years agoFavorite Answer
It might be that if there is a loss paid on the policy the loss payable clause will have the effect of making the draft made out to the Lender rather than anyone else. The mortgagee clause may not have that
- 5 years ago
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