Forms of Loss Payable Clauses Clause Samples

A Forms of Loss Payable Clause defines how insurance proceeds are distributed among parties with an interest in the insured property, such as the policyholder and any lenders or mortgagees. This clause specifies the order and manner in which payments are made following a covered loss, often distinguishing between losses payable solely to the insured or jointly to the insured and a third party. Its core practical function is to protect the financial interests of all parties involved by ensuring that claims payments are allocated according to pre-established priorities, thereby reducing disputes and clarifying obligations in the event of a loss.
Forms of Loss Payable Clauses. 1 Hull and machinery (marine and war risks)
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Related to Forms of Loss Payable Clauses

  • Loss Payable Clause If the Declarations show a loss payee for certain listed insured personal property, the definition of "insured" is changed to include that loss payee with respect to that property. If we decide to cancel or not renew this policy, that loss payee will be notified in writing.

  • ADDITIONAL INSURED ENDORSEMENT AND PRIMARY AND NON-CONTRIBUTORY INSURANCE CLAUSE Supplier agrees to list Sourcewell and its Participating Entities, including their officers, agents, and employees, as an additional insured under the Supplier’s commercial general liability insurance policy with respect to liability arising out of activities, “operations,” or “work” performed by or on behalf of Supplier, and products and completed operations of Supplier. The policy provision(s) or endorsement(s) must further provide that coverage is primary and not excess over or contributory with any other valid, applicable, and collectible insurance or self-insurance in force for the additional insureds.

  • Final Clauses This Agreement will enter into force upon signature by both Parties and shall remain in force until completion of all obligations of the Parties under this Agreement.

  • Forms of Cooperation Development cooperation may take the form of technical or financial cooperation, humanitarian or emergency assistance. It may be carried out either on a purely bilateral basis, or also in cooperation with other donors and/or multilateral organisations.

  • Alternative Forms of Notice Any notice or request required or permitted to be given by a Party to the other Parties and not required by this Agreement to be given in writing may be so given by telephone, facsimile or email to the telephone numbers and email addresses set out in Appendix F hereto.