The Fourth Appellate District affirmed a judgment. The court held that a document described as evidence of property insurance that was issued by an insurance agent to refinancing homeowners and that included all statutory elements was on its face a binder that was not conditioned on the payment of a premium or the insurer’s receipt of a signed application and that provided coverage for the homeowners’ fire loss.
Thomas Mustain contacted mortgage broker Security Mortgage Lenders to refinance their home. Security obtained a loan from New Century Mortgage and contacted Chicago Title Insurance Company to open an escrow for the transaction.
