What Does Lenders Loss Payable Endorsement Mean?

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What does Lenders Loss Payable Endorsement mean? Read on to discover the definition & meaning of the term Lenders Loss Payable Endorsement - to help you better understand the language used in insurance policies.

Lenders Loss Payable Endorsement

Lenders Loss Payable Endorsement

A commercial property policy endorsement that gives a creditor of the insured that has loaned money in connection with the insured's personal property the same rights and duties that a mortgage clause gives a mortgagee. The standard loss payable provisions endorsement (CP 12 18) includes this as one of its three options.

We hope the you have a better understanding of the meaning of Lenders Loss Payable Endorsement.

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