lender's loss payable clause
- lender's loss payable clause
A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is personal property. This is the personal property version of the standard mortgagee clause. Unlike a more common loss payable clause, the lender's loss payable clause is actually a stronger, much broader type of insurance policy stipulation. Under the lender's loss payable clause, the secured party is protected against any act or neglect of the insured that may otherwise invalidate the policy for the owner. (Some states use a different form that also provides broader coverage than the simple loss payable clause.)
Financial and business terms.
2012.
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