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:
1. 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 term, 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, conversion,
embezzlement or secretion by the Insured in possession of the Aircraft is not covered
hereunder.
2. 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 the Original Amount
under the Agreement less any relevant Policy Deductible and less all matured Instalments
paid or due prior to the accident giving rise to a loss hereunder.
3. 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.
4. 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.
5. Upon payment of any loss or claim to the Party, Insurers shall to the extent and in respect of
such payment 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.
6. 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 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 SUBJECT TO ALL TERMS, CONDITIONS, LIMITATIONS, WARRANTIES,
EXCLUSIONS AND CANCELLATION PROVISIONS THEREOF.
SCHEDULE IDENTIFYING TERMS USED IN THIS ENDORSEMENT
1. Aircraft: Registration:
2. Party (enter the name of the Party having a financial interest):
3. Agreement (enter identifying details and date):
4. The Original Amount under the Agreement:
Payable in Instalments of
the last Instalment being due
The amount outstanding at the Effective Date of this Endorsement:
5. Policy Deductible:
6. Effective Date of this Endorsement:
7. Additional Premium:
8. Appointed Broker:
AVN 28B
17/10/1996
