417 Noncomplying insurance (1) In this section: complying insurance, in relation to a lease or mortgage of a lease, means insurance against loss of or damage to any of the leased property required by the insurance provisions of the lease or mortgage. insurance provisions, of a lease or mortgage of a lease, means provisions of the lease or mortgage requiring the lessee or mortgagor to insure any of the leased property against loss or damage. noncomplying insurance, in relation to a lease or mortgage of a lease, means insurance against loss of or damage to any of the leased property that was obtained by the lessee or mortgagor to cover his or her interest in the property and that does not comply with the insurance provisions of the lease or mortgage. (2) The person entitled to the benefit of insurance provisions of a lease or mortgage of a lease has the same rights in relation to noncomplying insurance of any of the leased property as the person would have in relation to complying insurance of the property.

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