2020/12/02 Council Agenda Packet

(3) (i) Personal property of others that is temporarily in your possession in the course of installing or performing work on such property or (ii) Personal property of others that is temporarily in your possession in the course of your manufacturing or wholesaling activities. Period of Coverage With respect to insurance on or at each newly acquired or constructed property, coverage will end when any of the following first occurs: (a) This policy expires; (b) 30 days expire after you acquire or begin construction of that part of the building that would qualify as covered property; or (c) You report values to us. We will charge you additional premium for values reported from the date you acquire the property or begin construction of that part of the building that would qualify as covered property. b. Personal Effects And Property Of Others (1) You may extend the insurance that applies to Your Business Personal Property to apply to: (a) Personal effects owned by you, your officers, your partners or members, your managers or your employees. (b) Personal property of others in your care, custody or control. This Extension does not apply to employee tools. (2) The most we will pay for loss or damage under this Extension is $25,000 at each described premises Our payment for loss of or damage to personal property of others will only be for the account of the owner of the property. (3) Extension Of Replacement Cost To Personal Property Of Others (a) Replacement Cost coverage is extended to apply to personal property of others. (b) Paragraphs 3.b.(1) and 4. under G. Optional Coverages of the BUILDING AND PERSONAL PROPERTY COVERAGE FORM are deleted and all other provisions of the Replacement Cost Optional Coverage apply to replacement cost on personal property of others. (c) With respect to replacement cost on the personal property of others the following limitation applies: If an item of personal property of others is subject to a written contract which governs your liability for loss or damage to that item, then valuation of that item will be based on the amount for which you are liable under such contract, but not to exceed the lesser of the replacement cost of the property or the applicable Limit of Insurance. c. Valuable Papers And Records (Other Than Electronic Data) (1) You may extend the insurance that applies to Your Business Personal Property to apply to direct physical loss or damage to valuable papers and records that you own, or that are in your care, custody or control caused by or resulting from a Covered Cause of Loss. This Extension includes the cost to research lost information on valuable papers and records for which duplicates do not exist. But this Extension does not apply to valuable papers and records which exist as electronic data. Electronic data has the meaning described under Property Not Covered Electronic Data. (2) Coverage under this Extension is limited to the "specified causes of loss" as defined in the CAUSES OF LOSS SPECIAL FORM, and Collapse as set forth in that form. (3) This Extension does not apply to; (a) Property held as samples or for delivery after sale; (b) Property in storage away from the premises shown in the Declarations. (4) Section B. Exclusions in the CAUSES OF LOSS - SPECIAL FORM does not apply to this Extension, except for (a) Paragraph BA .c. Governmental Action; (b) Paragraph B.1.d. Nuclear Hazard; (c) Paragraph B.1.f. War And Military Action; (d) Paragraph B.2.f ; (e) Paragraph B 2 g ; and (f) Paragraph B.3. (5) The most we will pay under this Extension for loss or damage to valuable papers and records in any one occurrence at each described premises is $25,000. MP 97 67 10 10 includes copyrighted material of Insurance Services Office Inc. and Page 3 of 25 American Association of insurance Services, inc., with their permission