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Ace Investments, Inc. is the mortgagee for a warehouse owned by Best Storage, Inc. Ace obtains an insurance policy from Complete Insurance Corporation (CIC) to

Ace Investments, Inc. is the mortgagee for a warehouse owned by Best Storage, Inc. Ace obtains an insurance policy from Complete Insurance Corporation (CIC) to cover the warehouse. Later, Best sells the warehouse to Delta Company but keeps the policy. Delta also obtains a policy from CIC to cover the warehouse. Ace agrees to act as Delta’s mortgagee. A fire totally destroys the warehouse. Who can recover for the loss?

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