GeoTest Services Inc 9/12/2019 - Laserfiche WebLink

(4) The most we will pay for"fine arts" at any premises described in the Declarations is $25,000. Each of these Extensions is additional insurance unless otherwise indicated. The Additional Condition, Coinsurance,does not apply to these Extensions. Property Additional Coverages The following are Additional Coverages. The Additional Condition, Coinsurance, does not apply to these coverages. A. Debris Removal A.4.a. of the BUILDING AND PERSONAL PROPERTY COVERAGE FORM is deleted and replaced as follows: a. Debris Removal (1) Subject to Paragraphs (3) and (4), we will pay your expense to remove debris of Covered Property caused by or resulting from a Covered Cause of Loss that occurs during the policy period.The expenses will be paid only if they are reported to us in writing within 180 days of the date of direct physical loss or damage. (2) Debris Removal does not apply to costs to: (a) Extract"pollutants"from land or water; or (b) Remove, restore or replace polluted land or water. (3) Subject to the exceptions in Paragraph (4), the following provisions apply: (a) The most we will pay for the total of direct physical loss or damage plus debris removal expense is the Limit of Insurance applicable to the Covered Property that has sustained loss or damage. (b) Subject to(a) above, the amount we will pay for debris removal expense is limited to 25% of the sum of the deductible plus the amount that we pay for direct physical loss or damage to the Covered Property that has sustained loss or damage. (4) We will pay up to an additional $25,000 for debris removal expense, for each location, in any one occurrence of physical loss or damage to Covered Property, if one or both of the following circumstances apply: (a) The total of the actual debris removal expense plus the amount we pay for direct physical loss or damage exceeds the Limit of Insurance on the Covered Property that has sustained loss or damage. (b) The actual debris removal expense exceeds 25%of the sum of the deductible plus the amount that we pay for direct physical loss or damage to the Covered Property that has sustained loss or damage. Therefore, if(4)(a) and/or (4)(b) apply, our total payment for direct physical loss or damage and debris removal expense may reach but will never exceed the Limit of Insurance on the Covered Property that has sustained loss or damage, plus $25,000. (5) Examples Example#1 Limit of Insurance $ 90,000 Amount of Deductible $ 500 Amount of Loss $ 50,000 Amount of Loss Payable $ 49,500 ($50,000—$500) Debris Removal Expense $ 10,000 Debris Removal Expense Payable $ 10,000 ($10,000 is 20% of$50,000) The debris removal expense is less than 25% of the sum of the loss payable plus the deductible. The sum of the loss payable and the debris removal expense ($49,500 + $10,000 = $59,500) is less than the Limit of Insurance. Therefore, the full amount of debris removal expense is payable in accordance with the terms of Paragraph (3). Example#2 Limit of Insurance $ 90,000 Amount of Deductible $ 500 Amount of Loss $ 80,000 Amount of Loss Payable $ 79,500 ($80,000—$500) Debris Removal Expense $ 35,500 Page 6 of 25 Includes copyrighted material of Insurance Services Office,Inc.and MP 97 67 10 10 American Association of Insurance Services, Inc.,with their permission