What does Standard Mortgage Clause mean? Read on to discover the definition & meaning of the term Standard Mortgage Clause - to help you better understand the language used in insurance policies.
Standard Mortgage Clause
A standard mortgage clause (also called a union mortgage clause) is an insurance provision that covers the mortgage lender but not the borrower for a loss involving the mortgaged property. This clause protects the lender in the event that the borrower intentionally damages the property.
We hope the you have a better understanding of the meaning of Standard Mortgage Clause.