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THE INSURANCE CONTRACT - Coverage provisions and exclusion clauses

Tuesday, May 22, 2018 @ 8:53 AM  

Appeal by the insurer from a decision of an application judge finding that the respondent’s loss was covered by the mortgage insurance policy issued by the appellant. The respondent, a private mortgage lender, was the victim of a mortgage fraud. The appellant refused coverage relying on a coverage exception in the policy that applied if mortgage proceeds were paid to any person other than the registered title holder. Since the respondent’s lawyer had paid the mortgage proceeds to the borrower’s lawyer, in trust, rather than directly...