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Loss Payable Clause PP 03 05 Analysis

Analysis of the PP 03 05 Loss Payable Clause form.

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Includes copyrighted material of Insurance Services Offices, Inc., with its permission.

Summary: Form PP 03 05 09 18 is used when there is a lienholder on one or more insured vehicles under the Personal Auto Policy. It clarifies that when there is damage to the covered auto and an additional interest exists in the auto, the payment must reflect that interest as reflected in the auto’s title. This form was updated from the previous version PP 03 05 08 86 with the Personal Auto Policy updates in 2018. The only change is an indication that information required to complete the schedule, if not listed in the schedule itself will be listed in the declarations.

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