Alpha Geek

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    Polytechnic State University Sanluis
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Category > Business & Finance Posted 27 May 2017 My Price 5.00

Jeff is a book dealer who purchased a building from Richard

Jeff is a book dealer who purchased a building from Richard. Jeff obtained a loan from the Gateway Bank to purchase the building, which held a mortgage on the building. Jeff planned to store his inventory of books in the building. He also planned to use part of the building for a fast-food restaurant. When Jeff applied for property insurance on the building, he did not tell the agent about the fast-food res- taurant because premiums would be substantially higher. Eight months after the policy was issued, a fire occurred in the restaurant that caused substantial damage to the building.

a. Do any of the following parties have an insurable interest in the building at the time of loss? Explain your answer.

1. Jeff

2. Richard

3. Gateway Bank

b. Richard told Jeff he could save money by taking over RichardA????1s insurance instead of purchasing a new policy. Can Richard validly assign his existing property insurance policy to Jeff without notifying the insurer? Explain your answer.

c. Could JeffA????1s insurer deny coverage for the fire loss based on a material concealment? Explain your answer.
d. Investigation of the fire revealed that an electrician improperly wired an electrical outlet in the restau- rant, which caused the fire. Explain how subroga- tion might apply in this case.

Answers

Alpha Geek
(8)
Status NEW Posted 27 May 2017 01:05 PM My Price 5.00

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Attachments

file 1495892193-Answer.docx preview (365 words )
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