Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-21 - Standard forms › Section 284-21-990 - Appendix - Form - Loss payable endorsement

Current through Register Vol. 24-14, July 15, 2024
LOSS PAYABLE ENDORSEMENT
This form is identical to that promulgated in Washington State
				Insurance Commissioner's Regulation No. 335, pursuant to section 1, chapter 12,
				Laws of 1967, ex. sess., State of Washington.
1.Loss or damage, if any, under this policy
			 shall be payable first to the loss payee or mortgagee (hereinafter called
			 secured party), and, second, to the insured, as their interests may appear;
			 Provided, That, upon demand for separate settlement by the secured party, the
			 amount of said loss shall be paid directly to the secured party to the extent
			 of its interest.
2.This insurance
			 as to the interest of the secured party shall not be invalidated by any act or
			 neglect of the insured named in said policy or his agents, employees or
			 representatives, nor by any change in the title or ownership of the insured
			 property: Provided, however, That, the conversion, embezzlement or secretion by
			 the named insured or his agents, employees or representatives is not covered
			 under said policy unless specifically insured against and premiums paid
			 therefor.
3.In applying the pro
			 rata provisions of the policy, the amount payable to the secured party shall be
			 reduced only to the extent of pro rata payments receivable by the secured party
			 under other policies.
4.The company
			 reserves the right to cancel the policy at any time as provided by its terms,
			 but in such case the company shall mail to the secured party a notice stating
			 when such cancellation shall become effective as to the interest of said
			 secured party. The amount and form of such notice shall be not less than that
			 required to be given the named insured, by law or by the policy provisions,
			 whichever is more favorable to the secured party.
5.If the insured fails to render proof of
			 loss within the time granted in the policy conditions, such secured party shall
			 do so within sixty days after having knowledge of a loss, in form and manner as
			 provided by the policy, and, further, shall be subject to the provisions of the
			 policy relating to appraisal and the time of payment and bringing
			 suit.
6.Whenever the company shall
			 pay the secured party any sum for loss or damage under policy and shall claim
			 that, as to the insured, no liability exists, the company shall, to the extent
			 of such payment, be thereupon legally subrogated to all the rights of the party
			 to whom such payment shall be made, under all collateral held to secure the
			 debt, or may, at its option, pay to the secured party the whole principal due
			 or to grow due on the mortgage or other security agreement, with interest, and
			 shall thereupon receive a full assignment and transfer of the mortgage or other
			 security agreement and of all collateral held to secure it; but no subrogation
			 shall impair the right of the secured party to recover the full amount due
			 it.
7.All terms and conditions of
			 the policy remain unchanged except as herein specifically provided.
8.All notices sent to the secured party shall
			 be sent to its last reported address, which must be stated in the policy or in
			 this endorsement below.
FORM REG.-335
Page 1
9.The
			 following item shall be completed if this endorsement is not referred to by
			 number in the policy to which this endorsement is attached:
The foregoing is attached to and forms a part of
							 Policy No. . . . . . . of . . . . . . . . Insurance Company, issued to . . . .
							 . . . . Endorsement effective date . . . . . ., 19. ..
10.If
			 the secured party and its address is not designated in the policy to which this
			 endorsement is attached, the following line(s) shall be completed:
. . . . . . . . . . ..
Secured Party
. . . . . . . . . . ..
Secured Party
Address: . . . . . . . . . . ..
Address: . . . . . . . . . . ..
. . . . . . . . . . ..
. . . . . . . . . . ..
. . . . . . . . . . ..
By . . . . . . . . . . . . . . . . ..
Agent
FORM REG.-335
Page 2
Order R-68-5 (codified as WAC
				  284-21-990), filed 7/9/68; Order
				  335, filed 1/3/68.