MIP Conditions

CONDITIONS

1. Certificate Period. This Certificate applies only to loss which occurs during the Certificate period.
2. Insurable Interest.  Even if more than one person has an insurable interest in the property covered,  we will not be liable in any one loss:
3. For an amount greater than the interest of a person insured under this Certificate; or
4. For more than the applicable Limit of Liability as shown in the Declarations.

If the described location is vacant and the mortgage on the property has been declared in default by the mortgagee at the time of a loss, we shall pay no more than the named insured’s interest in the property at the time of loss unless the borrower participates in the claim.

The named insured’s interest is represented by the borrower’s net loan balance.

• Concealment or Fraud. We provide coverage to no persons insured under this Certificate if, whether before or after a loss, one or more persons insured under this Certificate have:
• Intentionally concealed or misrepresented any material fact or circumstance
• Engaged in fraudulent conduct; or
• Made false statements;
• relating to this insurance.
• Your Duties After Loss. In case of a loss to covered property, you must see that the following are done:
• Give prompt notice to us or our agent;
• (1)   Protect the property from further damage;
• Make reasonable and necessary repairs to protect the property; and
• Keep an accurate record of repair expenses;

c.     Cooperate with us or our representative in the investigation of a claim;

d.    As often as we reasonably require:

• Show the damaged property;
• Provide us with records and documents we request and permit us to make copies; and
• Submit to examination under oath, while not in the presence of any other named insured, and sign the same;

e.     Send to us, within 60 days after our request, your signed, sworn proof of loss which sets forth, to the best of your knowledge and belief:

• The time and cause of loss;
• Your interest and that of all others in the property involved and all liens on the property;
• Other insurance which may cover the loss;
• Changes in title or occupancy of the property during the term of the Certificate;
• Specifications of damaged residential property and detailed repair estimates.