(a) Insurance policies for leased property should be issued in the names of the lessee and of the Department of the Navy and contain a loss payable provision as follows: "Loss, if any, under this policy shall be adjusted with (Lessee) and the proceeds, at the election of the Government, shall be payable to the (Lessee); any proceeds not paid to the (Lessee) shall be payable to the Treasurer of the United States."
(b) Each insurance policy should contain a provision for thirty days prior notice to DASN(A&LM) in the event of cancellation of the policy.
(c) A certificate of insurance or copy of each insurance policy should be deposited with DASN(A&LM).
