lenders loss payable endorsement

A lenders loss payable endorsement is a commercial property policy endorsement that gives a creditor of the insured that has loaned money in connection with the insured's personal property the same rights and duties that a mortgage clause gives a mortgagee.

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Additional Information

The standard Loss Payable Provisions (CP 12 18) endorsement includes this as one of its three options.


Related Terms

The loss payee is a person or entity that is entitled to all or part of the insurance proceeds in...