Mortgage Insurance

Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency. If a borrower can't repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses. We have regularly represented policyholders on insurance coverage issues since the proliferation of asbestos bodily injury litigation . From this foundational experience, our insurance coverage practice has grown to include significant representation on a wide variety of business insurance coverage matters, including those involving directors and officers, errors and omissions liability claims, intellectual property and other business tort claims, employment practices liability claims, mortgage insurance claims, and insurance coverage for environmental contamination and other toxic torts.

Our mortgage insurance coverage practice includes the successful negotiation of insurance coverage agreements with the prominent comprehensive general liability insurance companies, as well as aggressive litigation or Alternative Dispute Resolution where amicable settlements could not be attained. We have similar experience with "specialty" insurers such as ICI Mutual, Investors Mortgage Insurance Company and Mortgage Guaranty Insurance Company. While we have litigated insurance coverage issues at both the trial and appellate levels, much of our success in this area stems from aggressive negotiations with carriers, including multi-carrier negotiations. These negotiations have eliminated the need to litigate, thereby ensuring a substantial cost-savings to our clients.

Our mortgage insurance Coverage for Policyholders Group has 20 lawyers who devote a portion of their time to insurance coverage matters, with approximately 10 of those lawyers devoting between one-half and two-thirds of their time to such matters. Job-loss mortgage insurance policies pay all or part of a mortgage payment if the borrower involuntarily loses a job. Some pay if the borrower becomes disabled. Policies vary on how many mortgage payments they will make over a certain period. Many policies will make six months' worth of payments during a 12-month period. Policies begin paying after a specified period of unemployment, usually 30 days. The policies have other qualifications . Most have maximum monthly benefits, so if you have a $3,000 monthly mortgage payment, you might not be able to find a policy that will pay all of it. Some pay only principal and interest; others pay principal, interest, taxes and hazard insurance.

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