Wondering if I can get someone to translate this lawyerese for me

[BrannDon Albert]

Got something from my insurance agent today that says they added "loss payable provisions" to my rental property policy. It's making my head spin trying to understand it and I'm usually pretty good at figuring out what the heck they are trying to say! Says: The following is added tot he loss payment property loss condition in section I - property, as shown in the declarations or by an "a", "b", or "c" in the schedule: A. Loss payable For covered property in which both you and a loss payee shown in the schedule or in the declarations have an insurance interest, we will: 1. Adjust losses with you; and 2. Pay any claim for loss or damage jointly to you and the loss payee, as interests may appear. B. Lenders loss payable 1. The loss payee shown in the schedule or in the declarations as the creditor (including a mortgageholder or trustee) with while you have entered a contract for the sale of covered property, whose interest in that covered property is established by such written contracts as: a. Warehouse receipts; b. A contract for deed; c. Bills of lading; or d. Financing statements