Lender Says Insurer Should Cover $15M Fatal Fire Settlement
Law360 (February 20, 2020, 5:45 PM EST) -- Federal Insurance Co. was wrongly freed of its duty to cover the excess portion of a $15 million settlement that ended litigation over a fatal fire at an abandoned Chicago laundromat, a Pennsylvania-based commercial mortgage lender told the Seventh Circuit Thursday.
Counsel for Apex Mortgage Corp. argued to a three-judge panel that a lower court incorrectly found that the lender had control over the abandoned facility as a mortgagee in possession, which triggered a foreclosure exclusion in its excess policy with Federal. The exclusion bars coverage for liabilities arising out of property acquired through foreclosure, repossession, deed in lieu of foreclosure...
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