Loss Payable Clause Clause Samples
A Loss Payable Clause is a provision in an insurance policy that directs the insurer to pay insurance proceeds to a third party, typically a lender or lienholder, in the event of a covered loss. This clause is commonly used in property or auto insurance when the insured property is financed, ensuring that the lender’s financial interest is protected if damage or loss occurs. By specifying who receives payment after a loss, the clause safeguards the interests of parties with a financial stake in the insured property and helps prevent disputes over the distribution of insurance proceeds.
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Loss Payable Clause. It is noted that by a first legal assignment in writing dated [—] 2012 BREAKAWAY FOUR, LTD., the buyer (“Buyer”) of the vessel presently under construction by ▇▇▇▇▇ Werft GmBH, Papenburg Germany (“Builder”) with hull number [*] has assigned to KFW IPEX-BANK GMBH of ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇ (“Assignee”) all the Buyer’s interests in any claims proceeds in this policy and its benefits therein including all such claims of whatsoever nature as the Buyer may have hereunder. All sums payable to the Buyer under this policy shall be paid to the Buyer unless and until underwriters have been otherwise instructed by notice in writing from the Assignee following the occurrence and continuation of an Event of Default, as defined in the Credit Agreement dated as of [—] 2012 and made among and between the Buyer, NCL Corporation Ltd., as the Buyer’s parent, the Assignee, the lenders from time to time party thereto and the other parties from time to time party thereto. All sums payable to the Builder under this policy shall be payable to the Builder, subject to any notice of assignment of the Builder’s interests in this policy. To: [Underwriter] Cc: KfW IPEX-Bank GmbH as Collateral Agent ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇-▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ Attention: Ship ▇▇▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Fax: +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇ E-mail: ▇▇▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇ Date: [—] Dear Sir/Madam We hereby give you notice that pursuant to an assignment agreement dated [—] 2012 (the “Assignment”) and made between Breakaway Four, Ltd. (the “Borrower”) and KfW IPEX-Bank GmbH as Collateral Agent (the “Collateral Agent”), the Borrower has assigned to the Collateral Agent a first priority assignment of all of its rights, title, interests and benefits in, to or in respect of construction risks insurance policy dated [—] issued for the benefit of ▇▇▇▇▇ Werft GmbH (the “Yard”) and the Borrower in connection with the post-panamax luxury passenger cruise vessel with the provisional hull number [*] to be constructed by the Yard (the “Construction Risks Insurance Policy”), including all monies which may be payable to the Borrower under or in respect of the Construction Risks Insurance Policy. With effect from your receipt of this notice we hereby give you notice that:
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.
Loss Payable Clause. The Chargor covenants that the Chargor shall cause the relevant Takaful operator/ insurance company to include the following loss payable clause or a substantially similar loss payable clause acceptable to the Chargee in each Takaful/ insurance policy taken out:
Loss Payable Clause. Subject to all the terms of this Policy, loss or damage shall be paid, as interest may appear, to the named insured and/or the loss payee shown on the Declarations Page of this Policy, both jointly or separately, at our discretion.
Loss Payable Clause. The Loss Payable Clauses to be attached to the Insurances should be substantially in the following form:
Loss Payable Clause. If the Declarations show a loss payee for certain listed insured personal property, that person is considered an insured in this policy with respect to that property.
Loss Payable Clause. Payment under this Part IV for a loss to a covered auto will be made according to your interest and the interest of any lienholder shown on the declarations page or designated by you. At our option, payment may be made to both jointly, or to either separately. However, if the covered auto is not a total loss, we may make payment to you and the repairer of the auto. The lienholder’s interest will not be protected:
Loss Payable Clause. It is noted that by a first legal assignment in writing dated 20[—] BREAKAWAY TWO, LTD., the buyer (“Buyer”) of the vessel presently under construction by ▇▇▇▇▇ Werft GmBH, Papenburg Germany (“Builder”) with hull number [—] has assigned to KFW IPEX-BANK GMBH of [—] (“Assignee”) all the Buyer’s interests in any claims proceeds in this policy and its benefits therein including all such claims of whatsoever nature as the Buyer may have hereunder. All sums payable to the Buyer under this policy shall be paid to the Buyer unless and until underwriters have been otherwise instructed by notice in writing from the Assignee following the occurrence and continuation of an Event of Default, as defined in the Credit Agreement dated as of [—] and made among and between the Buyer, NCL Corporation Ltd., as the Buyer’s parent, the Assignee, the lenders from time to time party thereto and the other parties from time to time party thereto. All sums payable to the Builder under this policy shall be payable to the Builder, subject to any notice of assignment of the Builder’s interests in this policy.
Loss Payable Clause. Payment under this Part IV for a loss to a covered auto will be made according to your interest and the interest of any lienholder shown on the declarations page or designated by you . At our option, payment may be made to both jointly, or to either separately . Either way, we will protect the interest of both . However, if the covered auto is not a total loss, we may make payment to you and the repairer of the auto . Protection of the lienholder’s financial interest will not be affected by any act or omis- sion by any person entitled to coverage under this policy . However, protection under this clause does not apply:
Loss Payable Clause. With respect to those items of personal property for which a loss payee is shown on the “declarations”, the definition of “insured” is extended to include that loss payee, but only with respect to those items of personal property. If “we” cancel or do not renew this policy, “we” will so notify, in writing, any loss payees shown on the “declarations”.