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Expert Analysis

'Lender Loss Payee' Clause: More Protection For Lenders?

Law360, New York ( December 1, 2015, 11:04 AM EST) -- In a previous Law360 guest article we discussed the consequences for lenders of being carried on a borrower's insurance policy as a "loss payee." Recapping briefly, a lender who appears only as a "loss payee" on a borrower's policy has very few rights and may find itself with no protection if the borrower allows coverage to lapse, fails to meet notice or proof of loss requirements or otherwise fails to comply with conditions in the policy. There is an alternative that provides enhanced (but not bulletproof) protection for lenders, however: being designated as a "lender loss payee."...

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