Georgia Home Insurance v. Stein

Citations

• 72 Miss. 943

Syllabus

<p>1. Fire Ijísubance. Warrant}/ against ineumbra/nee. Iienewal.</p> <p>A condition in a policy of fire insurance forbidding, on penalty of forfeiture, any mortgag-e or other lien on the property insured, either before or after the issuance of the policy, without the fact being indorsed on the, policy, is waived if the agent of the insurer knew, when he issued it, of a mortgage thereon, and made no objection.</p> <p>2. Same. Assent to ineumbra/nee. Second mortgage.</p> <p>Nor will the subsequent renewal of a mortgage, the existence of which is so known, avoid the policy, the amount of the incum-brance not being thereby increased; and, for the same reason, when the insurer assents to a mortgag-e making- the loss payable to the mortgag-ee as his interest may appear, and afterwards the insured pays part of the debt secured, but reborrows the sum so paid and gives said mortgagee a second mortgag-e to secure it, the policy is not avoided.</p> <p>3. Same. Appraisement. Not bvndinig on mortgagee.</p> <p>Although a fire insurance policy provides for an appraisement of the loss by persons to be selected by the insurer and insured, such an appraisement, assented to by the latter, is not binding- on a mortgagee of the property, to whom, by the terms of the policy, the loss has become payable. His rights, as against the company, become fixed upon the loss, and he, instead of the insured, is the real party in interest.</p>