Back Coverage for a building in Chapter 7 in NJ

Posted in
Market Requests

gregheitmann Jul 26, 2023 12:19 PM

I have a unique situation where a Chapter 7 trustee in the state of NJ needs to procure a 6 month policy for a vacant commercial building.  The mortgage on the location is private and there is no way to tell if force placed coverage has been obtained.  The state requires a policy in order to protect the building during liquidation but I cannot find a carrier that will write something in Chapter 7.  Would the trustee be able to purchase something from a lender placed program directly?  Any insight or direction would be greatly appreciated.  Thank you.

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