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Canada “mortgage clause” “Insurance Bureau of Canada” “Farmers’ Mutual Insurance Company (Lindsay) v. Pinder” “2009 ONCA 831 (CanLII)”
A. What is A Standard Mortgage Clause? First-party property insurance policies usually contain one of two types of mortgagee clauses: i) a loss-payable clause; or ii) a standard mortgage clause. i)          The Loss-Payable Clause: This type of clause merely provides that insurance proceeds shall be paid to a mortgagee as "its interests may appear."...