Jumat, 07 Juni 2013

LENDER’S INTEREST CLAUSE

It is hereby noted and agreed that the property Insured under this Policy has been pledged with “…….” and until such time as the said Bank  shall have notified the Insurer, in the contrary, the Insurer/the Underwriters shall advice the said Bank :
1.    If they propose to cancel or give notice of cancellation of any such insurance, at least 30 days before such cancellation is to take effects.
2.    of :
i.    any material alteration and/or
ii.    termination of expiry of any such insurance at least 30 days before such alteration, termination, of expiry.
3.    Promptly of any default in the payment of any premium or failure to renew any such insurance.
4.    Of any act or omission or of any event of which the Insurer has knowledge and which they consider might invalidate or render unenforceable in whole or in part of any such insurance.
5.    Of any claim under the Policy exceeding US$. 10,000.00
It shall be further noted that in the event of loss, if any, payable under this Policy, any payment up to the amount to which the said bank is entitled for principal, interest accrued and costs shall be made to the said Bank shall act in its capacity as joint insured subject to the terms, conditions and restrictions contained in the policy.
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