Richardson v. Travelers Fire Insurance

The twelve insurance companies named as defendants issued to the plaintiff policies of insurance in standard form in the aggregate amount of $55,000 on his property, which was damaged by fire on January 18, 1931, to the extent of $30,000. Each policy was payable in case of loss to a mortgagee and provided that “whenever this company shall be liable to a mortgagee for any sum for loss under this policy for which no liability exists as to the mortgagor or owner and this company shall elect by itself or with others to pay the mortgagee the full amount secured by such mortgage, then the mortgagee…