Once the property was foreclosured, it went back to the lender therefore, no coverage will be afforded by the policy as the named insured does not have any insurable interest on the property and the lender was not the named insured but a loss payee for claims paid under a covered loss. They wrong claiming what they were not entitled to
Why didn’t the bank put their own policy on it? How many times do they do that to insureds who already have a policy in place?
They shouldn’t have foreclosed on him. Maybe they will think twice next time.
Once the property was foreclosured, it went back to the lender therefore, no coverage will be afforded by the policy as the named insured does not have any insurable interest on the property and the lender was not the named insured but a loss payee for claims paid under a covered loss. They wrong claiming what they were not entitled to
If there were no “Actual Loss Sustained”, there should not be any loss.