The mortgage company has an insurable interest in the property. The Mortgagee clause, contained in the Conditions section of your policy, requires us to include your mortgage company on payments made under Coverage A, Dwelling and Coverage B, Other Structures.
If the claim payment amount exceeds $7,500.00 under one of these coverages, your mortgagee will be listed as an additional payee. Please contact your specific mortgage company for their procedures for endorsing insurance claim payments.