Cl. 8-7 offers the mortgagee an optional independent co-insurance at an additional premium to be agreed in each case. If the mortgagee avails himself of this option, the insurer is barred from invoking any of the defences they otherwise could have invoked under Chapter 3 of the Plan. Such independent cover will protect the mortgagee under the individual insurance it applies to nearly to the same extent as Mortgagee Interest Insurance taken out in his name. However, the mortgagee must also follow up on the renewal of the owner's insurances, in the case of such independent cover. Independent co-insurance of the mortgagee’s interests cannot replace the Mortgagee Interest Insurance for the two reasons pointed out above.