Ferragina v. Insurance Co. of North America

The complainant was insured against loss of his property by fire by the two first named insurance companies, each for $10,000, loss, if any, payable to the Mortgage and Title Company, holder of an $18,000 mortgage. A fire destroyed the property. The insurance companies, denying liability to the complainant, adjusted the loss with the mortgagee at $9,000, each paying to it one-half, each taking an assignment of the mortgage to that extent in virtue of the right of subrogation under the standard mortgagee clause in the policies. The assignment was to a trustee. The Mortgage and Title Company…