An increasing number of Americans are transferring personal ownership of residential property to trusts, limited liability corporations, limited liability partnerships, and other entities designed to protect assets or take advantage of favorable tax treatment. This article focuses on the need to properly structure the insurance policy that is used to protect the majority of residential properties -- the common homeowner insurance policy. Although often overlooked, the very broad liability coverage provided by a homeowner insurance policy serves as a critical form of asset protection. To avoid potentially disastrous gaps in coverage, individuals and their advisors must take steps to ensure that insurance policies are structured to protect the interests of all parties that have an insurab...
... interests of all parties that have an insurable interest (i.e., something to lose) in the event of...
INSURANCE: A person has an insurable interest in property whenever he would profit by or gain some advantage by its continued existence and suffer some loss or disadvantage by its destruction: It is not necessary that a party hold title to a piece of property to have an insurable interest in it. One who pays a debt without any legal obligation is a volunteer and is not entitled to recover any part of the payment from another party, but where two insurance policies cover the same piece of destroyed property, and one insurer settles the claim in full after the other disclaims all liability, the settling insurer is not a volunteer due to its legal obligation to the insured to pay the claim. Where two insurance policies cover the same risk, and both provide that their liability with reg...
...Because Schubert owned a one-half interest in the dwelling covered by the policy, which was c... limited recovery to "[no] more than the insurable interest the insured has in the covered property a...
... Law, which resulted in the forfeiture of property purchased in his name with funds advanced by his p... the due process clause to protect the interests of his office. Ordinarily, the mere official inter..., and tobacco warehouses, and fire insurance rates and commissions paid to fire insurance agent... statute also granted the railroad an insurable interest in such property along its route, allowin...
... while at the same time guaranteeing the interests of insurers. However, they have only been partiall...Insurable interests in property insurance . Termination of p...
...In 1900, the property/casualty sector of the insurance market received a... requirement that an insured have an "insurable interest" in the contingency insured against in or...
With one exception, trial court did not err in rendering summary declaratory judgments in favor of two insurance companies and an owner of land, against a purported land installment contract purchaser, holding that no land installment contract had been entered into, so that the purported purchaser had no insurable interest in the property, and no contract claim against the owner. Owner had signed and delivered a proposed land installment contract, but the purchaser rejected this signed offer when she told the owner that material terms of the offer, including a provision that the property be sold as is, were unacceptable to her. The offer thereafter was not open for acceptance, and the purported purchaser could not thereafter accept and record the contract without ratification, or a ...
...PART 1806: INSURANCE. Subpart A: Real Property Insurance. 1806.2 - Com...If there are insurable buildings located on the property, the borrower wi... adequate insurance to protect the interest of the FmHA or its successor agency under Public L...
... buildings, shrubbery, and personal property upon that land, by fire communicated from one of t... such railroad corporation shall have an insurable interest in the property upon the route of the rai... or operated by it, and may procure insurance thereon in its own behalf, for its protection agai...
... Docket No. OP-1431 . FEDERAL DEPOSIT INSURANCE CORPORATION. RIN 3064-ZA00 . FARM CREDIT ADMINIST... questions and answers, one relating to insurable value and one relating to force placement, and wit... facilitate review of the comments if interested parties send comments to the agency that is the ap... available for the particular type of property under the Act or ``the overall value of the proper...
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