It is noted and agreed that the property by this Policy has been mortgaged with bank
PT. BANK SESUATU
and that in consequence thereof, it has been agreed with the said mortgagee and the Insured, that in case of loss, if any, payable under this policy any payment up to the amount to which the said mortgagee is entitled for principal, interest accrued and costs shall be made to the said mortgage without prejudice to the rights the insured may have on the difference.
This clause to be null and void on receipt of advice from the said mortgagee that they are no longer interested in the insured under this Policy.
BANKER’S INTEREST CLAUSE
in respect of
It is hereby noted and agreed that the property insured under this Policy has been pledged with PT. BANK SESUATU and until such time as the Bank shall have notified the Insurer in writing to the contrary, the Insurer shall advise the Bank :
(i) if they propose to cancel the Policy by giving notice of cancellation in writing at least 30 (thirty) days before such cancellation is to take effect;
(ii) of :
(a) any material alteration to the Policy; and
(b) Policy expiry :
in writing at least 30 days before such alteration or expiry;
(iii) promptly of any default in the payment of any premium or failure to renew any Policy
(iv) of any act or omission by the Insured or of any event of which the Insurer has knowledge and which they consider may invalidate or render unenforceable in whole or in part any Policy ; and
(v) of any claim under the policy
It shall be further noted that in the event of loss payable under this Policy, any payment up to the amount to which the Bank is entitled for principal, interest accrued and costs shall be made to the Bank without prejudice to the rights of the Insured for the difference and the Bank shall act in its capacity as joint-insured subject to the terms and conditions of the Policy.