LEASED PROPERTY CLAUSE
LEASED PROPERTY CLAUSE
This policy extends to indemnify any other party having an interest in the property insured by virtue of and in accordance with the terms of Mortgage, Leasing, Hiring or Renting Agreement, provided such property is not more specifically insured.
It is hereby noted and agreed that the property insured by this policy has been pledged with the Leasing Company as follows:
PT. ORIX INDONESIA FINANCE
And that in consequence thereof, it has been agreed the said Leasing Company and The Insured, that in case of loss or damage due to the perils insured against under this policy ay payment up to the amount to which the said Leasing Company is entitled for principal, interest accrued and costs shall be made to the said Leasing Company without prejudice to the right the insured have on difference.
This clause to be null and void on receipt of advise from the said Leasing Company that they are no longer interested in the property insured under this policy.
LESSOR INTEREST CLAUSE
It is noted and agreed that ………… (here in after referred to as the lessors) are the owners of the Property insured under (item….) and that such Property is the subject of a leasing Agreement made between the Lessors on the one part and the insured on the other part. It is further understood and agreed that any payment made in respect of loss or damage (which loss or damage is not made by repair, reinstatement or replacement) under the terms of this Policy shall be made to the Lessors as long as they are the owners of the property.
It is understood and agreed that notwithstanding any provision in the Leasing Agreement to the contrary, this Policy issued to the Insured as the principal party and not as agent or Trustee for the Lessors and nothing herein shall be considered as constituting the Insured an agent or Trustee foe the Lessors or as an assignment (whether legal or equitable) by the Insured to the Lessors of his rights, benefits and claims under this Policy, and, further nothing herein shall be construed as creating any right in the Lessors to sue the Insurer in any capacity whatsoever for any alleged breach of its obligations hereunder.
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