Insurance, Contracts
Certified questions to Arizona on insurance policy contract.
Facts:
Lender lent purchaser money to buy land. Land was later determined to be without access. Lender's insurer assessed the impact of the loss of access, and paid the lender that amount. Lender's subsequent assessment said that the insurer had undervalued the impact. Lender then purchased the properties with a full-credit bid at sale of estate, and the insurer now maintains that lender's payment to itself absolved the insurer of further liability vis a vis the earlier transaction.
Questions about the relevant boilerplate language certified to state high court.
EQUITY INCOME PARTNERS, LP V. CHICAGO TITLE INSURANCE COMP.
