Section Sch2-2-dup2 — Property Law Act 2007: Insurance

2 Insurance (1) The mortgagor will at all times keep insured the mortgaged goods that are of an insurable nature— (a) against loss or damage by fire; and (b) to the extent possible, against loss or damage by natural disaster or any other event normally covered by an insurance policy for goods of the relevant kind. (2) The insurance policy or policies— (a) will be arranged in the joint names of the mortgagor and the mortgagee for their respective rights and interests in an insurance office in New Zealand that is approved by the mortgagee; and (b) will be for the full insurable value of the mortgaged goods. (3) The mortgagee is entitled to the custody of every insurance policy arranged under this clause. (4) The mortgagor will— (a) punctually pay all premiums, valuation fees, and other sums payable to keep the insurance in force; and (b) on request, immediately deliver to the mortgagee a certificate or other confirmation from the insurer that all of those sums have been paid.