In respect of shipments which are sold by the Insured on terms other than Cost Insurance Freight, this policy shall be extended to cover the interest of the Insured as Unpaid Vendor until payment, but in no event beyond the time when Underwriters risk would normally cease under the terms of this insurance.
It is
agreed that in no event shall this insurance inure to the benefit of the
buyer or his Insurers, but in the event of
loss or damage covered by this insurance,
if the Insured is unable to collect payment recoverable from the buyer,
Underwriters shall advance the amount of such loss
pending collection from the buyer, and the
Insured shall use all reasonable means to collect the full amount due from the
buyer and reimburse Underwriters, the latter sharing the expense of
such collection in proportion to their interest.
Warranted that the existence of this insurance
shall not be disclosed to the buyer(s).
UNPAID VENDOR COVERAGE / SELLER’S INTEREST CONTINGENCY CLAUSE
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