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Lender's Title Policy Coverage

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Question: 
If we have a loan for $7 million with collateral being commercial properties valued at $3 million, UCCs, and assignment of publication rights, what should our Lender's Title Policy coverage be? These commercial properties are in PA & NY. We have requested a Lender's Policy for $7 million, however, the attorney is stating that he can only insure up to the "fair market value" which I've never heard in my 20 years of banking. So what is the rule on how much of a Lender's Policy can we get?
Answer: 

How can you ensure title on a property for more than what it is worth, regardless of the State? You already have a legal opinion.

First published on 04/05/2020

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