Hazard Insurance definition

Hazard Insurance. A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

Hazard Insurance is defined in Section 19.

Hazard Insurance is defined in Section 6.10(a).

Examples of Hazard Insurance in a sentence

• CURRENT_FICO The current FICO score HAZARD_CLAIM_FILED_DATE The date the Hazard Claim was filed with the Hazard Insurance Company.

• Each Hazard Insurance Policy caused to be maintained by the Servicer shall contain a standard loss payee clause in favor of the Servicer and its successors and assigns.

• Unless alternative coverage is provided pursuant to Section 16.3 hereunder, the Servicer must ensure that each Mortgaged Property is covered at all times by Hazard Insurance.

• As to each Mortgaged Property, the amount of Hazard Insurance must be at least equal to the lesser of (a) the Unpaid Principal Balance of the related Mortgage Loan or (b) 100% of the insurable value of the improvements on the Mortgaged Property; provided, however, that in no case shall the amount of Hazard Insurance be less than the amount required to fully compensate for any damage to the improvements on the Mortgaged Property on a replacement cost basis.

• In the event that the Servicer is removed from servicing a REO by virtue of the provisions of Section 14.6.1, the Servicer, as to such REO, shall nevertheless remain responsible to (a) pay when due all insurance premiums, property taxes and assessments; (b) file when due all claims for Primary Mortgage Insurance, Pool Insurance, Hazard Insurance and, if applicable, Flood Insurance benefits; and (c) fulfill any other related responsibilities required by the Master Servicer.

More Definitions of Hazard Insurance

Hazard Insurance means insurance on the property securing a mortgage loan that protects the property against loss caused by fire, wind, flood, earthquake, theft, falling objects, freezing, and other similar hazards for which the owner or assignee of such loan requires insurance.

Hazard Insurance means all policies of property insurance insuring against loss or damage to any Mortgaged Premises by fire and other perils, including without limitation all endorsements and riders thereto, and including so-called fire and extended coverage insurance policies, homeowner’s insurance policies and flood insurance policies.

Hazard Insurance means casualty, fire, hazard, flood, wind, liability or similar insurance policies relating to a Property.

Hazard Insurance is defined in Section 6.10(a). Multifamily Loan and Security Agreement (CME) Page 70

Hazard Insurance means insurance against the risks of any type of hazard (e.g., fire, windstorm, etc.) except for floods.

Hazard Insurance means a contract, usually termed a “policy”, between an insurance company and one or more persons or “policy holders”, whereby the insurance company, for a monetary consideration customarily called a “premium”, agrees to indemnify a policy holder or policy holders, or others designated in said policy, for loss or damage to property by fife, storm, and other specified hazards;

Hazard Insurance means casualty, fire, hazard, flood, wind, liability or similar insurance policies relating to a Mortgaged Property.