AIRCRAFT FINANCIAL
INTEREST ENDORSEMENT
It is noted that the
Party named in the Schedule hereto has a financial interest in the
Aircraft under the Agreement. Accordingly, with respect to losses
occurring during the period from the Effective Date of this Endorsement
until the expiry of the Insurance or until the satisfaction of the obligations
under the Agreement, whichever shall first occur, in respect of the
interest of the Party and in consideration of an Additional Premium
IT IS UNDERSTOOD AND AGREED THAT:
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The insurance afforded by
this Policy for loss of or physical damage to the insured Aircraft
shall not be invalidated as regards the interest of the Party by any act or
omission by the Insured which results in a breach of any terms, condition or
warranty of the Policy PROVIDED THAT the Party has not caused,
contributed to or knowingly condoned the said act or omission. Nevertheless
any change in title or ownership of the Aircraft, conversation,
embezzlement or secretion by the Insured in possession of the Aircraft
is not covered hereunder.
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The protection afforded to the
Party by the terms of this Endorsement shall be limited to loss of or physical
damage to the insured Aircraft and shall not exceed 90% of the Original Amount
under the Agreement less any relevant Policy Deductible and less all matured
Installments paid or due prior to the accident giving rise to a loss
hereunder.
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If the Insured fails, on
demand of the Company to pay any premium due under this policy, the Party
shall pay such premium;
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The Party shall notify the
Insurers of any increase in hazard which comes to the Party’s attention and if
agreed by the Insurers it shall be endorsed on the Policy, the Party agreeing
to pay any additional required premium if the Insured fails to do so on demand
of the Insurers.
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If the Insured fails to notify
the Insurers as specified in the Policy conditions of any event likely to give
rise to a claim under the Policy, the Party shall do so immediately he becomes
aware of the event in form and manner as prescribed by the Policy.
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Upon payment of any loss or
claim to the Party, Insurers shall to the extent and in respect of such
payments be subrogated to all legal and equitable rights of the Party. At the
expense of Insurers the Party shall do whatever is necessary to assist the
Insurers to exercise such rights.
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Except in respect of any
provision for Cancellation or Automatic Termination specified in the Policy or
any endorsement thereof, cover provided by this Endorsement may only be
cancelled by the Insurers giving not less than Thirty (30) days notice in
writing to the Appointed Broker. Notice shall be deemed to commence from the
date such notice is given by the Insurers. In the event of cancellation for
non-payment of premium, the Party shall have the option to pay all outstanding
premiums in respect of the Aircraft within the notice period.
EXCEPT AS SPECIFICALLY
VARIED OR PROVIDED BY THE TERMS OF THIS ENDORSEMENT THE FINANCIAL INTEREST OF
THE PARTY IS COVERED BY THE POLICY FOR LOSS OF OR PHYSICAL DAMAGE TO THE
INSURED AIRCRAFT ONLY SUBJEXT TO ALL TERMS, CONDITIONS, LIMITATIONS,
WARRANTIES, EXCLUSIONS AND CANCELLATION PROVISIONS THEREOF.
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