Pro forma of Endorsement of the Bank’s Hypothecation Charge on Insurance Policy
It is hereby declared and agreed that the Insured’s _________ is pledged to __________ Bank (Name of Branch) ___________ (hereinafter referred to as the pledgee) and it is further declared and agreed that the said pledgee is interested in any moneys which but for this Endorsement would be payable to the Insured under this Policy in respect of the loss of or damage to said _________ (which loss or damage is not made good by repair, reinstatement or replacement) and such moneys shall be paid to the said pledgee as long as they are the pledgee of the _________ and their receipt shall be a full and final discharge to the Company in respect of such loss or damage.
Save by this Endorsement expressly agreed nothing herein shall modify or affect the rights or liabilities of the Insured or the Company respectively under or in connection with this Policy or any term, provision or condition thereof.
________________
(Borrower)
