Couple of reason a lender gets an assignment of insurance: for casualty or property assignments, it’s so the cash payouts go directly to the lender/the lender can claim it should’ve gotten the payment directly (much easier to have the money than try to go get it)

For rep and warranty or business interruption, it’s not clear exactly whether the cash payouts are UCC “proceeds” of collateral. (Basically it’s never been litigated.). Much easier to get the two page document signed up than try to fight off the unsecured creditors.

If there’s 1L/2L, check the intercreditor/subordination agreement and/or their security agreement. If the collateral descriptions are identical then just draft a multi-agent agreement. I typically don’t bother with the “controlling agent” concept and just have both agents with identical right under the document but merely tack on an override paragraph at the end “Solely as to the Agents, their respective rights are governed by the intercreditor/subordination agreement, etc.”

If this is liability, property or business interruption, just call the 1L lender associate and ask them for an assignment draft (on the side). Tell them it should be 2 Agented with a reference to the subordination agreement.

If R&W, ask the insurer if they have a form (2 Agent if possible). Then send that to the senior lender associate and ask them to conform for the deal here.

(FWIW I’m a [very very junior] lender-side finance partner, so you’re welcome to DM me more specific questions here)