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The lender agrees that in the event of loss or damage recovery if any shall be limited to such amount as may be paid by the insurer hereby releasing NLBM its boards officers agents and employees from liability for any and all claims arising out of such loss or damage. 8. In case of long-term loans it is the responsibility of the lender to notify NLBM of current insurance valuations. 9. If the lender elects to maintain his or her own insurance then prior to delivery or shipping NLBM must be supp ...

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