Posted by WilliamGA on December 09, 1999 at 06:57:32:
I think the point of being added to the policy is that you have added protection of your investment should the place go “up in flames”, so to speak.
I am using Bronchick’s form which has a clause that states…
“In the event of destruction in whole or in part pf the property, T/B shall have the option to proceed with the closing and accept the insurance proceeds for said damage, or to declare this agreement null and void”.
I think having yourself listed on the policy just opens up more options for you in case of disaster. It lets you still keep control of the deal no matter what happens to the property.