Leasing Endorsement

LEASING  ENDORSEMENT #

It is hereby declared and agreed that …………….. (hereinafter referred to as lessors) are the owner of the property insured under item agreement made between the lessors on the one part and the insured on the other part.

It is further understood and agreed that any payment made in respect of loss or damage (which loss or damage is not made good by repair, reinstatement or replacement) under the terms of this policy shall be made to the lessors as long as they are the owners of the property and their receipt shall be full and final discharge to the company in respect of such loss or damage.

Notwithstanding any provision in the leasing agreement to the contrary this policy is issued to the insured namely ………… as the principal party and not as agent or trustee for lessors and nothing herein shall be construed as constituting the insured and agent or trustee for the lessors or as an assignment (whether legal or equitable) by the insured to the lessors of his rights, benefits and claims under this policy.

Further, nothing herein shall be construed as creating any right in the lessor to sue the company in any capacity whatsoever for any alleged breach of its obligation hereunder.