Erie Brewing Co. v. Ohio Farmers Insurance

Citations

• 81 Ohio St. (N.S.) 1

Syllabus

<p>Mortgage clause in insurance policy making loss payable to mortgagee — Not an assignment of the policy to mortgagee — Mortgagee of policy bound by award of appraisers, when.</p> <p>A “mortgage clause” attached to a fire insurance policy at the time the same is executed, which clause makes the loss, if any, under the policy, payable to the mortgagee as his interest may appear, is not an assignment of the policy to such mortgagee, and, in the absence of fraud or collusion, he is bound by the award of appraisers provided for and required by the terms of the policy in the event of a disagreement between the insured and the insurance company as to the amount of the loss, although the mortgagee was not a party to and had no notice of the appraisement and award.</p>