Insurer’s Policy Rescission Proper Based On Material Misrepresentations

Mealey's (May 5, 2022, 4:53 PM EDT) -- JERSEY CITY, N.J. — A New Jersey trial court did not err in determining that a woman lacked an “insurable interest” in a rental property after transferring her ownership interest in the property to an LLC she created and failing to notify her fire insurance provider of the transfer in ownership because the woman acknowledged that the policy would not be valid if the insurer did not provide consent prior to the transfer, a New Jersey appellate panel ruled April 19 in affirming....