INTERESTS OF OTHER PARTIES

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 any mortgage, lease, hiring or rental agreement or any other form of financial or equity agreement and it is understood and agreed that the receipt(s) of any such parties for any claims settlements under this Policy in relation to their respective interests shall be a full and sufficient discharge to the Insurer and the Insurer shall waive all rights of subrogation which may otherwise have existed against such parties.

Where the insurance covers the interest of more than one party, any act or neglect of an individual party will not prejudice the rights of the remaining party/parties; provided the remaining party/parties shall, immediately on becoming aware of any act or neglect whereby the risk of damage has increased, give notice in writing to the Insurer and on demand pay such reasonable additional premium as the Insurer may require.

Notwithstanding the foregoing paragraph it is understood and agreed that in the event of any of the parties referred to herein being entitled to the benefits of any ‘Concessions Agreement’, which it may have entered into with the Insurer, the said ‘Concessions Agreement’ will take precedence over the foregoing paragraph.