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Mortgage clause 2025

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This document is a Mortgagee Clause intended for insurance policies covering buildings. It outlines the terms under which losses are payable to mortgagees, specifies that only one mortgagee clause should be attached per policy, and includes provisions regarding the responsibilities of both the mortgagee and mortgagor. Key points include the protection of the mortgagee's interests despite actions by the mortgagor, obligations to notify the insurer of hazardous conditions, and stipulations on premium payments.

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Click ‘Get Form’ to open the mortgage clause in the editor.
Fill in the 'DATED' field with the date you are completing the form. This is crucial for record-keeping.
In the 'ATTACHED TO AND FORMING PART OF' section, enter the relevant policy number to link this clause to your insurance policy.
Provide the name of the insurance company in the designated field, ensuring accuracy for future reference.
Complete the 'ISSUED TO' section with the insured's name and mailing address. This identifies who holds the policy.
List all mortgagees in their respective fields along with their mailing addresses. Ensure that each entry is clear and complete.
Review all entries for accuracy before saving or exporting your completed document. This ensures that all parties are correctly identified and informed.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is the mortgagee clause just an address?

Its the address the mortgage company uses for insurance purposes. It is not the same as their corporate address. Nor the place where you send your mortgage payments. Its a seperate specific address just for insurance.

What is a standard mortgage clause?

A standard mortgage clause, also known as a union mortgage clause, is an insurance provision that protects the mortgage lender, not the borrower, in cases of loss involving the mortgaged property. This clause safeguards the lender even if the borrower intentionally damages the property.

What is an example of a mortgagee clause?

For example, if a homeowner purposefully sets fire to their home in order to collect the insurance payout an act that would void your insurance policy the clause protects the mortgagee, ensuring that your lender will still be covered.

What are the mortgage clauses?

A mortgagee clause is found in many property insurance policies and provides protection for a mortgage lender if a property is damaged. While lenders do receive protections with the mortgagee clause, borrowers benefit as well from reimbursements for repairs to the home as well as any documented lost property.

What are the clauses in a mortgage?

A mortgage clause is a vital component of a mortgage agreement, delineating the rights and responsibilities of both parties involvedthe borrower and the lender. These clauses encompass various aspects, including property insurance requirements, payment terms, and conditions for default.