Syracuse Savings Bank v. Yorkshire Insurance Company, Ltd., , Defendants Isadore Blumberg v. Yorkshire Insurance…

Summary

The Court held that a standard mortgagee clause creates an independent insurance interest that is not bound by an appraisal conducted without the mortgagee’s participation, and that a corporation may validly act as an appraiser. Accordingly, the Bank's judgment was reversed and remanded for a new trial, while the judgment in the Blumberg action was affirmed.