Risks : IAR
It is hereby noted and agreed that the property Insured under this Policy has been pledged with “………….” and until such time as the said Bank shall have notified the Insurer, in the contrary, the Insurer/the Underwriters shall advice the said Bank :
a. If they propose to cancel or give notice of cancellation of any such insurance, at least 30 days before such cancellation is to take effects
b. of :
(a) any material alteration and/or
(b) termination of expiry
of any such insurance at least 30 days before such alteration, termination, of expiry
c. Promptly of any default in the payment of any premium or failure to renew any such insurance
d. Of any act or omission or of any event of which the Insurer has knowledge and which they consider might invalidate or render unenforceable in whole or in part of any such insurance.
e. Of any claim under the Policy exceeding US$. 10,000.00
It shall be further noted that in the event of loss, if any, payable under this Policy, any payment up to the amount to which the said bank is entitled for principal, interest accrued and costs shall be made to the said Bank without prejudice to the rights of the Insured for the difference and the said Bank shall act in its capacity as joint insured subject to the terms, conditions and restrictions contained in the policy.
Where the subject-matter insured hereunder (or any apportionable part) becomes missing and after the lapse of a reasonable time has not been located, an actual total loss of the subject-matter insured (or any apportionable party) may be presumed. For the purposes of this insurance, there shall be deemed to have been the lapse of a reasonable time where delivery to the consignees’ or other final warehouse or place of storage at the destination named herein has not been effected within 90 days of the expected date of such delivery. If, after the payment by the Insurer(s) of an actual total loss as provided for above, this subject-matter insured or whatever may remain thereof is located, the ownership and all proprietary rights incidental thereto shall be vested is the Insurer(s) the subject-matter insured of whatever may remain thereof.