This clause applies to boat policies only and applies only to the mortgagee which is specifically listed on the Declarations.

Loss, if any, under Section I shall be payable to the insured and mortgagee, listed on the Declarations, as their interests may appear, subject to all the terms and conditions of the policy. If this policy expires or is cancelled, coverage for the mortgagee’s interest will continue for 10 days from the date such notice is mailed to the mortgagee.