In order that this might be so, a thorough study and understanding of the printed form of the New York Standard Policy is absolutely necessary.

Firstly, the interest of the assured in the property to be covered should be clearly and properly expressed, whether he be owner, lessee or mortgagee, or if a firm, if incorporated or not.

Does the property stand on leased ground or does the assured own it in fee simple?

Is the property encumbered by chattel mortgage or not?

The occupation of the premises and the uses they are put to should be thoroughly understood by the broker, and privileges for such occupation or occupations of a lesser hazard put in the policy.