JPW COMMUNICATIONS, INC. - Laserfiche WebLink

Home Browse Search

enough business personal property to conduct customary .operations". (b) When this policy is issued to the F owner or general lessee of a building, building means the entire building. Such building is vacant unless at least 31% of its total square footage is: (1) Rented to a lessee or sub- lessee and used by the lessee or sub -lessee to conduct its customary operations; and/or (ii) Used by the building owner to conduct customary operation. (2) Buildings under construction or renovation are not considered vacant when customary "operations" cannot be conducted as a direct result of the construction or renovation. b. Vacancy Provisions If the building or leased space where loss or damage occurs has been vacant for more than 60 consecutive days before that loss or damage occurs: (1) We will not pay for any loss or damage caused by any of the following even if they are Covered Causes of Loss: (a) Vandalism; (b) Sprinkler leakage due to freezing, unless you have protected the system against freezing; (c) Building glass breakage; (d) Water damage; (a) "Theft"; or (f) Attempted "theft". (2) With respect to Covered Causes of Loss other than those listed in paragraphs (a), (b), (c), (d), (e) and (f) above, we will reduce the amount we would otherwise pay for the loss or damage by 15%. 8. Pair, Sets or Parts For pairs or sets, we will either: (a) Repair or replace any part to restore the value and condition of the pair or set to that immediately before the covered loss or damage; or (c) Covered Property consisting of several parts when complete, we will only pay for the value of the lost or damaged part. Property General Conditions 1. Control of Property Any act or neglect of any person other than you beyond your direction or control will not affect this insurance. The breach of any condition of this Coverage Form at any one or more locations will not affect coverage at any location where, at the time of loss or damage, the breach of condition does not exist. 2. Mortgageholders a. The term mortgageholder includes trustee. b. We will pay for covered loss of or damage to buildings or structures to each mortgageholder shown in the Declarations in their order of precedence, as interests may appear. c. The mortgageholder has the right to receive loss payment even if the mortgageholder has started foreclosure or similar action on the building or structure. d. If we deny your claim because of your acts or because you have failed to comply with the terms of this Coverage Form, the mortgageholder will still have the right to receive loss payment if the mortgageholder: (1) Pays any premium due under this policy at our request if you have failed to do so; (2) Submits a signed, sworn proof of loss within 60 days after receiving notice from us of your failure to do so; and (3) Has notified us of any change in ownership, occupancy or substantial change in risk known to the mortgageholder. All of the terms of this Coverage Form will then apply directly to the mortgageholder. e. If we pay the mortgageholder for any loss or damage and deny payment to you because of your acts or because you have failed to comply with the terms of this Coverage Form: (1) The mortgageholder's rights under the mortgage will be transferred to us to the extent of the amount we pay; and (b) Pay the difference between the value of (2) The mortgageholder's right to recover the pair or set before and after the the full amount of the covered loss or damage. 391-1003 08 16 Includes copyrighted material or Insurance Services Office, Inc., with its permission. Page 51 of 81