INSURABLE iNTEREST IN A HOUSE

Question Details: IF A PERSON WHO INTENDS TO PURCHASE A HOME, BUYS A HOMEOWNRS POLICY (HO-3)EFFECTIVE ON THE ESTIMATED CLOSING DATE AND THE CLOSING IS EITHER DELAYED OR DOES NOT OCCUR, AND THERE IS DAMAGE TO THE PROPERTY PRIOR TO THE CLOSING BUT AFTER THE EFFECTIVE DATE OF THE POLICY, IS THE PERSON WHO PURCHASED THE INSURANCE POLICY ENTITLED TO PROCEEDS FROM THE POLICY HE PURCHASED? iS THERE INSURABLE INTEREST?

Asked 10/8/2009 under Insurance Law | 178 View(s) | More Legal Topics