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ISO 1993 438 BFU (Arizona, California, Nevada, Oregon and Washington) or ISO CP 12 18 is referred to as a Lenders Loss Payable Endorsement. It is critical to understand the scope and breadth of this endorsement when compared to other coverage provisions or endorsements that deal with different but commercially
What is the difference between additional insured and loss payee?
What Is Insurable Interest? Insurable interest is a type of investment that protects anything subject to a financial loss. A person or entity has an insurable interest in an item, event, or action when the damage or loss of the object would cause a financial loss or other hardships.
What is CP 12 19 additional insured building owner?
Beneficiaries are named parties on a policy that can receive benefits in the event of the policyholders death. In other words, a loss payee is tied to a specific property and a covered loss, while a beneficiary is tied to a specific person and a life event (death).
What is the meaning of insurable interest in property?
Response 3: CP 12 19Additional Insured Building Owner is one of two options for addressing the interest of a building owner when the named insured is a tenant who is required to insure the leased building.
CP 12 18 on reverse side. I I ADDITIONAL INSURED - see reverse side for endorsement. I I. POLICY. POLICY PERIOD :12:01 A.M. STANDARD. AGENCY. AGENCY NO. NUMBER.
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