English to Romanian Bus/Financial Insurance

Joint assured loss payees in respect of specified equipment or property or ships
We will pay claims for physical loss/damage of an item specified above to the order of the assured, until we receive notice from the loss payee that the assured/joint assured is in default under the agreement.
Relationship of insureds
Insured is defined for the purposes of this paragraph only as the assured and all joint assureds under the same policy.