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Expert Analysis

Name Game: Designating Lenders For A Loss Payee Clause

Law360, New York (October 5, 2015, 10:53 AM EDT) -- Loan docs generally require a borrower to provide insurance on collateral in favor of the lender. The borrower presents the lender with a policy declaration page listing the lender as a "loss payee"; this is known as an open mortgage, loss payee or loss payable clause. The lender is protected if there is a covered loss, correct? To answer that question, we must first answer this one: what rights does a "loss payee" have under such a clause?...

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