Loss Payee Clause

It is hereby declared and agreed that TBA (hereinafter referred to as the Sole Loss Payee) has a financial interest in the insured property to the extent of the Sum Insured.

In consequence thereof payment of any loss arising under this policy shall only be made with the written permission and consent of the Sole Loss Payee.

It is further declared and agreed that payments of any loss shall be made; at their option to the Sole Loss Payee provided always that such payment shall not exceed the financial interest of the Sole Loss Payee in the insured property.

Nothing in this Clause shall in any way extend the liability of the Insurance Company beyond such liability as would have been in the absence of this Clause.

Sole Loss Payee shall be given thirty days prior written notice of any changes to or cancellation of this insurance policy.

Subject to otherwise to the terms and conditions of the policy.

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