IRMI Main Logo


Home > Glossary

Single Interest Insurance

Single Interest Insurance

Definition

Property insurance protecting the interest of only one of the parties having an insurable interest in the property. Usually refers to insurance protecting a mortgagee or other lending institution but not the owner-borrower.

Related Terms

Vendors Single Interest Coverage

Insurance purchased by financial institutions that protects against financial loss from physical damage to property (collateral) on which loans have been made. Such coverage applies in the event the borrower does not have physical damage coverage in place. Vendors single interest insurance covers only the outstanding balance on the loan. Even though the borrower frequently pays the premium, he or she receives no insurance protection of his or her equity under such policies.

Related Products

Commercial Property Insurance

Provides line-by-line interpretations of the most commonly used ISO forms, plus practical advice for using nonstandard and manuscript forms. Learn More

Insurance Coverage Analysis Package

Have expert analysis of core ISO coverage lines as well as commercial and personal lines right at your fingertips. Learn More

Social Media
User ID: Subscriber Status:Free