simple loss payable clause
- simple loss payable clause
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A clause in a policy of insurance on property subject to mortgage or lien, covering loss by fire, windstorm, flood, or other peril, providing for the payment of the proceeds of the insurance in the event of a loss to the named mortgagee or lienor as his interest may appear, but without conditions serving to give the mortgagee or lienor a right of recovery greater than that of the mortgagor or hence, so that a breach of a condition of the policy by the mortgagor or lienee which precludes him from recovering against the insurer likewise precludes a recovery by mortgagee or lienor. Collinsville Sav. Soc. v Boston Ins. Co. 77 Conn 676, 60 A 647.
Ballentine's law dictionary.
Anderson, W.S..
1998.
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