| dbo:abstract
|
- A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy. Such clauses are common where the insured property is subject to a mortgage or other security interest and the mortgagee, usually a bank, requires the property be insured and that such a clause be included. Although such clauses are found in other areas of insurance, they are most common in maritime insurance in relation to insuring mortgaged vessels. As a matter of practicality, such clauses are usually appended to the end of existing policies in a separate addendum, after being negotiated between the insurer and the mortgagee. A sample clause issued by Lloyd's of London states that This Loss Payee clause shall in no manner or wise be construed as a separate agreement between Underwriters and the Beneficiary but only as a simple appointment of the beneficiary by the Assured to receive payment as its interest may appear from any funds which Underwriters agree to pay to the Assured in the event of any loss or from any judgement granted to the Assured. (en)
|
| dbo:wikiPageExternalLink
| |
| dbo:wikiPageID
| |
| dbo:wikiPageLength
|
- 4701 (xsd:nonNegativeInteger)
|
| dbo:wikiPageRevisionID
| |
| dbo:wikiPageWikiLink
| |
| dbp:wikiPageUsesTemplate
| |
| dct:subject
| |
| gold:hypernym
| |
| rdf:type
| |
| rdfs:comment
|
- A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy. Such clauses are common where the insured property is subject to a mortgage or other security interest and the mortgagee, usually a bank, requires the property be insured and that such a clause be included. (en)
|
| rdfs:label
| |
| owl:sameAs
| |
| prov:wasDerivedFrom
| |
| foaf:isPrimaryTopicOf
| |
| is dbo:wikiPageRedirects
of | |
| is dbo:wikiPageWikiLink
of | |
| is foaf:primaryTopic
of | |
