Clause in the sanction letter of term loan

pooja dedhia (Querist) 21 July 2012 This query is : Resolved
what is the interpretation of the following sentences,is it condition to be fulfilled mandatory or optional?

in the sanction letter of term loan:-
1.other condition
SUB BULLET POINT

Insurance of the security preferably under bank's corporate agency arrangement with bank's clause to be taken.

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adv. rajeev ( rajoo ) (Expert) 21 July 2012
Now days banks are also involved in insurance business, which is called as corporate agency. So they will go for insurance with their agency.

pooja dedhia (Querist) 21 July 2012
i have mentioned the sentences - is it meant that it is mandatory to take insurance with bank's agency?

or it is optional?

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