Focus (Forum & Focus)
Oct. 10, 2007
Doubling Recovery
Focus Column - By Brendan J. Fogarty - When multiple parties have a financial interest in the same piece of property, the consequences for insurance claims can be wide-ranging and confusing.
By Brendan J. Fogarty
Property owners increasingly are holding real estate in trust because of advantages such as avoiding probate costs and legal challenges to a will. But a problematic insurance issue may arise when multiple parties have a financial interest in the real property held in trust. Who must insure the property and to what extent? In the event of property damage, who should recover insurance proceeds ...
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