Insurance on creditor’s interest only

Wis. Stat. § 424.302
in effect
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If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the customer is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor.
Source: WI Statutes (Official Site)URL: https://docs.legis.wisconsin.gov/document/statutes/424.302Fetched: 10/7/2026