Page 25 - Fire Insurance Ebook IC 57

The Insurance Times

(c) Agreed Bank Clause - All policies in which a
bank has a partial interest shall be made out in the
name of the bank and owner or Mortgager. The
salient features are :

(i) The claim is payable to the bank whose receipt
shall be a complete discharge.

(ii) Any notice under the policy is sufficient if given
by the bank.

(iii) Any settlement , compromise etc, in relation to
dispute, if made with the bank shall be valid and
binding on all insured parties.

(iv) Breach in previous condition does not affect the
bank's interest unless the breach is committed by
the bank.

(v) Any alteration or increase in risk does not make
the insurance void, provided the bank notifies the
same as soon as it comes to their notice and pays
the additional premium.

Q9. Briefly explain the various conditions under

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