Our external legal had reverted back with an in-principle clean CRR opinion provided that we include a non-vitiation clause into the policy, probably under the Endorsement 5 (?) or maybe you have another clause to reflect this.
The rationale is that since that Mizuho is now also included as a loss payee and also additional insured, in addition to SCB Thailand. And now that we have 2 banks being added as additional insured/s to the same policy, this would have the effect that one bank’s actions can invalidate the policy (vice versa). Hence, it would be beneficial for both Mizuho and SCB Thailand to have such a non-vitiation clause in place such that one bank’s actions CANNOT invalidate the entire policy.
Do you have such a clause in place which we can review?