LINEAR SYSTEMS 3 -2014 - Laserfiche WebLink

Home Browse Search

(i) Similar use as the building described in the Declarations; or (II) Used as a warehouse. The most we will pay for loss or damage under this Extension Is $1,000,000 at each building. (2) Business Personal Property (a) If this policy covers Business Personal Property, you may extend that Insurance to apply to: (1) Business Personal Property, including such property that you newly acquire, at any location you acquire; or (2) Business Personal Property, including such property that you newly acquire, located at your newly constructed or acquired buildings at the location described in the Declarations; or (3) Business Personal Property that you newly acquire, located at the described premises. (b) This Extension does not apply to: (1) Personal Property that you temporarily acquire in the course of installing or performing work on such property or in the course of your wholesaling, manufacturing, warehousing or trucking activities; or (2) Personal property of others that is temporarily in your possession in the course of installing or performing work on such property. (c) This Insurance may not be used to otherwise increase your Business Personal Property limit. In particular, it does not apply to personal property you acquire as part of your usual and customary business dealings whether or not such acquisition was related to anticipated seasonal demands. Under the terms of this policy, such property Is not considered newly acquired, but falls within the provisions for Business Personal Property. The most we will pay for loss or damage under this Extension is $500,000 at each premises. (3) Business Income and Extra Expense (a) You may extend the insurance that applies to Business Income and Extra Expense to apply to property at any location you acquire. The most we will pay for loss or damage under this Extension is $250,000 at each premises. (4) 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) 60 days after you acquire the property 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 Property Off Premises (1) You may extend the Insurance that applies to Business Personal Property to apply to covered Business Personal Property, other than "money" and "securities ", "valuable papers and records ", accounts receivable, property of others, signage, contractor's tools or commercial tools and small equipment, while temporarily at a premises or situated at a properly you do not own, lease or operate. (2) We will also provide coverage for Business Personal Property Off Premises while at a location rented on a short-term basis such as a temporary storage facility, (including property stored in the open at a trade show or craft fair) for a period not to exceed 28 consecutive days. The most we will pay for loss or damage under this Extension is $50,000 or the amount shown in the Additional Property Coverage Schedule, whichever is greater. (3) This coverage extends only to off premises property located or stored within fully enclosed buildings. It does not extend to property in the open except for property in the open at trade shows or craft fairs. Property located or stored within temporary structures (such as tents, tarps or 391 - 1003 06 09 Includes copyrighted material of Insurance Services Page 28 of 66 17,972 Office, Inc. with Its permission