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Banks
Lenders—FEMA checks
Our client received his FEMA claim check and when he attempted to deposit it into his bank account the bank, who happens to be a mortgagee, confiscated it and told him the funds will be held and that the bank will decide what funds are to be released when they (the bank) receive either estimates or completed work orders from repairing and renovating the property. Can they do this?
Severability of interest
I have a bank requesting a “severability of interest endorsement” on a general liability policy for a co-op building. We are seeing this request more often from banks, but are not sure what it accomplishes.
Banks—tie-in sales
Can a bank in New Jersey require a homeowner to purchase homeowners insurance from the bank or a specific insurance company?