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Form 438BFU NS (Rev. May 1, 1942) LENDER?S LOSS PAYABLE ENDORSEMENT 1. Loss or damage, if any, under this policy, shall be paid to the Payee named on the first page of this policy, its successors.

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The difference is that additional insureds receive only liability protection whereas loss payees receive only property damage coverage. Another key difference is that additional insureds cannot receive payments for other liability claims involving the property, only matters in which they have a direct interest.

This being said, another difference between a loss payee clause and lender's loss payable is that a standard loss payable provision is often used when the collateral is personal property—equipment, machinery, vehicles—whereas lender's loss payable is often used when the collateral is real property—building or land.

In some cases, a company may want to be listed as both a loss payee and an additional insured. For example, if you rent an office building from a landlord, they'll likely want to be added as an additional insured on your general liability policy.

A lienholder is the institution or individual who retains a legal interest in your vehicle until it's paid off. A loss payee is the institution or individual who is entitled to the payout from an insurance claim. In some cases, the lienholder and the loss payee may be the same.

As you know, the Lender's Loss Payable Endorsement accompanies each loan originated by a mortgage bank. This document, also known as Form 438BFU, outlines the semantics of the relationship between lenders and insurers on properties that are added into the loan portfolio of a loan servicer.

This being said, another difference between a loss payee clause and lender's loss payable is that a standard loss payable provision is often used when the collateral is personal property—equipment, machinery, vehicles—whereas lender's loss payable is often used when the collateral is real property—building or land.

A lenders loss payable endorsement is 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.

A lenders loss payable endorsement is 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.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232