Bill > H918

This bill amends Section 97 of Chapter 175 of the General Laws, which pertains to fire insurance claims on real estate losses. Specifically, it introduces a new provision stating that a mortgagee, which is a lender who holds a mortgage on a property, will not be entitled to receive payment for a fire insurance claim if the loss or covered real estate damage is valued at less than ten thousand dollars. This change aims to streamline the claims process by excluding minor losses from mortgagee payouts, thereby potentially reducing administrative burdens for insurance companies and lenders.