Loss payable clause: for hull and machinery insurance in shipping finance
Loss payable clause: for hull and machinery insurance in shipping finance

The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:

  • Loss payable clause: for hull and machinery insurance in shipping finance

It is noted that, by an assignment in writing collateral to a first preferred mortgage dated [insert date] (the Mortgage) [Name of Owner] of [Address of Owner] (the Owner), owner of the vessel '[Name of Vessel]' (the Vessel), assigned absolutely to [Name of Mortgagee] acting through its branch at [Address of Mortgagee] (the Mortgagee), the benefit of this policy of insurance and all benefits of this policy, including all claims of any nature (including return of premiums) hereunder.

Claims payable under this policy in respect of a total or constructive total or an arranged or agreed or compromised total loss or unrepaired damage, and all claims which (in the reasona