LOSS PAYABLE PROVISIONS
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P9L1CY""UMBER: 77 PR-709-326-3001
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
COMMERCIAL PROPERTY
LOSS PAYABLE PROVISIONS
This endorsement modifies insurance provided under the following:
BUILDING AND PERSONAL PROPERTY COVERAGE FORM
BUILDERS' RISK COVERAGE FORM
CONDOMINIUM ASSOCIATION COVERAGE FORM
CONDOMINIUM COMMERCIAL UNIT-OWNERS COVERAGE FORM
STANDARD PROPERTY POLICY
SCHEDULE
Provisions Applicable
Loss Lender's
Payable Loss Payable
Contract
of Sale
x
Premo
No.
001
Bldg.
No.
01
Description
of Property
PERSONAL PROPERTY
Loss Payee
(Name & Address)
CITY OF CLEARWATER
112 SOUTH OSCEOLA AVENUE
CLEARWATER FL 33758
-A When this endorsement is attached to the
STANDARD PROPERTY POLICY CP 00 99 the
term Coverage Part in this endorsement is
replaced by the term Policy.
a. Warehouse receipts;
b. A contract for deed;
The following is added to the LOSS PAYMENT Loss
Condition, as indicated in the Declarations or by an
"X" in the Schedule:
c. Bills of lading;
d. Financing statements; or
B. LOSS PAYABLE
e. Mortgages, deeds of trust, or security
agreements.
For Covered Property in which both you and a
Loss Payee shown in the Schedule or in the
Declarations have an insurable interest, we will:
2. For Covered Property in which both you and
a Loss Payee have an insurable interest:
1. Adjust losses with you; and
a. We will pay for covered loss or damage
to each Loss Payee in their order of
precedence, as interests may appear.
2. Pay any claim for loss or damage jointly to you
and the Loss Payee, as interests may appear.
C. LENDER'S LOSS PAYABLE
b. The Loss Payee has the right to receive
loss payment even if the Loss Payee has
started foreclosure or similar action on
the Covered Property.
1. The Loss Payee shown in the Schedule or in
the Declarations is a creditor, including a
mortgageholder or trustee, whose interest in C. If we deny your claim because of your
Covered Property is established by such acts or because you have failed to
written instruments as: comply with the terms of the Coverage
CP 1218 06 95 Copyright, ISO Commercial Risk Services, Inc., 1994 Page 1 of 2
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Part, the Loss Payee will still have the
right to receive loss payment if the Loss
Payee:
3. If we cancel this policy, we will give written
notice to the Loss Payee at least:
(1) Pays any premium due under this
Coverage Part at our request if you
have failed to do so;
a. 10 days before the effective date of
cancellation if we cancel for your
nonpayment of premium; or
(2) Submits a signed, sworn proof of loss
within 60 days after receiving notice
from us of your failure to do so; and
b. 30 days before the effective date of
cancellation if we cancel for any other
reason.
(3) Has notified us of any change in
ownership, occupancy or substantial
change in risk known to the Loss
Payee,
4. If we elect not to renew this policy, we will
give written notice to the Loss Payee at least
10 days before the expiration date of this
policy,
All of the terms of this Coverage Part will
then apply directly to the Loss Payee.
D. CONTRACT OF SALE
d. If we pay the Loss Payee for any loss or
damage and deny payment to you because
of your acts or because you have failed to
comply with the terms of this Coverage
Part:
1. The Loss Payee shown in the Schedule or in
the Declarations is a person or organization
you have entered a contract with for the sale
of Covered Property.
(1) The Loss Payee's rights will be
transferred to us to the extent of the
amount we pay; and
2. For Covered Property in which both you and
the Loss Payee have an insurable interest we
will:
a. Adjust losses with you; and
(2) The Loss Payee's rights to recover
the full amount of the Loss Payee's
claim will not be impaired.
b. Pay any claim for loss or damage jointly
to you and the Loss Payee, as interests
may appear.
At our option, we may pay to the Loss
Payee the whole principal on the debt
plus any accrued interest. In this event,
you will pay your remaining debt to us.
3. The following is added to the OTHER
INSURANCE Condition:
For Covered Property that is the subject of a
contract of sale, the word "you" includes the
Loss Payee.
CP 12 18 06 95
Copyright, ISO Commercial Risk Services, Inc., 1994
Page 2 of 2
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Policy For:
PATRICK DISTRIBUTORS INC
217S-CAMPU$UDR
CLEARWATER FL 33764
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LOSS PAYEE COPY
POLICY #: 77 PR-709-326-3001
CITY OF CLEARWATER
112 SOUTH OSCEOLA AVENUE
CLEARWATER FL 33758
LOSS PAYEE COPY
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'04 NOV 23 AM10:59
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