Risks : PAR, FIRE
RECOMMENDED BANK INTEREST CLAUSE
It Is hereby noted and agreed that the property Insured under this Policy has been pledged with PT. Bank ……………. and until such time as the said Bank shall have notified the Insurer, in the contrary, the Insurer shall advise the said Bank :
I. If the Insured proposed to cancel or give notice of cancellation of any such insurance, at least 30
(thirty) days before such cancellation is to take effects ;
a.Any material alteration, and/or
b.Termination or Expiry
Of any such insurance at least 30 (thirty) days before such alteration, termination or expiry take place
III.Promptly of any default in the payment of any premium or failure to renew any such insurance ;
IV.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 any such insurance ;
V.Of any claim under the policy exceeding USD. 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 without prejudice to the rights of the Insured for the difference and the said Bank shall act in its capacity as a joint-insured subject to the terms conditions and restriction contained in the Policy.
STANDARD BANKER’S CLAUSE
It is noted and agreed that the property Insured by this Policy has been mortgaged with Bank …………………… and that in consequence thereof, It has been agreed with the said mortgagee and the Insurer, 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 mortgagee 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 property insured under this Policy.