Aldridge v. Peak Property & Casualty Insurance Corp.
Docket: No. 2D02-2685
Court: District Court of Appeal of Florida; May 14, 2004; Florida; State Appellate Court
William and Joyce Aldridge's appeal against Peak Property and Casualty Insurance Corporation has resulted in the affirmation of a summary judgment in favor of Peak. The court determined that the Aldridges sought relief under an insurance policy to which they were not entitled. The policy, a "Lenders Security Program Master Policy," names Ocwen Federal Bank as the insured, with the Aldridges as mortgagors. The court noted that the outstanding mortgage balance to Ocwen exceeded the policy's coverage of $44,337, exhausting any residual insurance available to the Aldridges. Consequently, they had no valid claim against Peak. The Aldridges did not include Ocwen in their lawsuit nor assert any claims related to the payment of insurance proceeds owed to Ocwen. The dissenting opinion suggested that if the insurance proceeds were paid to Ocwen, there would be no residual for the Aldridges, but did not address the absence of any claim made by the Aldridges for such payment. The court emphasized that it could only rule on the claims presented, not hypothetical claims. Ultimately, the Aldridges' lawsuit sought relief inconsistent with Ocwen's rights under the policy, leading to the conclusion that the trial court's summary judgment in favor of Peak was correct and is thus affirmed.