loss payable clause
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 284 U.S. 177 - Sun Ins Office v. Scott Norwich Union Fire Ins Soc · 1931Most cited · 96 citing opinions
The loss payable clause ... is not informative to the insurer of the existence of a chattel mortgage, but performs the office of protecting a creditor of the insured who has no interest in the insured property by mortgage or otherwise against the eventuality of fire loss.