Legal Question in Insurance Law in Ohio

Deeded owner vs. Purchaser
What is an insurance company's position or obiligation to an individual that has purchased an insurance policy on property that he/she legally has no financial interest in. The individual gives the funds to purchase the homes, and they are deeded in the childs name. The individual then takes out an insurance policy on the home.
Technically the deeded owner has the interest legally and financially.
If there is a fire or any other loss and it is discovered that the property belongs to someone other than the insured party, what is the insurance companys' position? Is this now a voided contract? Is coverage affored? and if so to whom? and what rights does the deeded owner have vs the purchaser?

Asked on 5/22/01, 10:21 pm

Ken Koury Kenneth P. Koury, Esq.

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Re: Deeded owner vs. Purchaser

it depends on the contract language

Answered on 8/06/01, 4:53 pm

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