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INLAND MARINE CONDITIONS FE-8751 (10/92) When coverage is provided by an Inland Marine Form, the following applies: Coverage in the Inland Marine Form replaces any coverage provided in the policy this Form is attached to, for the same property. How- ever, the Cancellation Condition in the policy this Form is attached to applies to all Inland Marine Forms. The following Conditions also apply: 1. Agreement. We agree to provide the insur- ance described in this policy. You agree to pay premiums when due and comply with the provisions of this policy. 2. Definitions. Throughout this policy, the words "you" and "your" refer to the Named Insured and any other person or organization qualifying as a Named Insured under this policy. The words "we", "us" and "our" refer to the Company providing this insurance. 3. Valuation. The value of covered property will be determined based on the provisions in the applicable coverage form attached. 4. Loss Payment. In the event of loss covered by this policy: a. we will give notice, within 30 days after we receive the sworn statement of loss, of our intent to settle the loss according to one of the following methods: (1) pay the value of lost or damaged property as determined in the Valu- ation Condition shown in the appli- cable coverage form; (2) pay the cost of replacing or repair- ing the lost or damaged property, plus any reduction in value of re- paired items; (3) take all or any part of the property at an agreed or appraised value; or (4) repair, rebuild or replace the prop- erty with other property of like kind and quality; (CONTINUED) b. we will not pay you more than your finan- cial interest in the covered property; c. we may adjust losses with the owners of lost or damaged property if other than you. If we pay the owners, such pay- ments will satisfy your claims against us for the owners' property. We will not pay the owners more than their financial in- terest in the covered property; d. we may elect to defend you, at our ex- pense, against suits arising from claims of owners of property; e. we will pay for covered loss within 60 days after we receive the sworn state- ment of loss, if: (1) you have complied with all of the terms of this policy; and (2) we have reached agreement with you on the amount of loss or an appraisal award has been made. 5. Duties In the Event of Loss. You must see that the following are done in the event of loss to covered property: a. notify the police if a law may have been broken; b. give us prompt notice of the loss. Include a description of the lost or damaged property in the notice; c. as soon as possible, give us a descrip- tion of how, when and where the loss occu rred; d. take all reasonable steps to protect the covered property from further damage by an insured loss. If feasible, set the damaged property aside and in the best possible order for examination. Also keep a record of your emergency and temporary repair expenses for consid- eration in the settlement of the claim. This will not increase the limit of insur- ance;