THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
This endorsement modifies insurance provided under the following:
BUSINESSOWNERS
POLICY
SCHEDULE
Insurance Trustee
Condominium
A.
Paragraph A.1.a.
BUILDING in the Businessowners Property Coverage Form is replaced by
the following:
a. Building,
meaning the
building or structure described in the Declarations, including:
(1) Completed
additions;
(2)
Permanently
installed:
(a)
Fixtures;
(b)
Machinery; and
(c)
Equipment;
(3)
Outdoor fixtures;
(4) Personal
property owned by you that is used to maintain or service the building
or structure or its premises, including:
(a)
Fire extinguishing
equipment;
(b)
Outdoor furniture;
(c)
Floor coverings; and
(d)
Appliances used for
refrigerating, ventilating, cooking, dishwashing or laundering that are
not contained within individual units;
(5)
If not covered by
other insurance:
(a)
Additions under
construction, alterations and repairs to the building or structure;
(b)
Materials,
equipment, supplies, and temporary structures, on or within 100 feet of
the described premises, used for making additions, alterations or
repairs to the building or structure; and
(6) Any of the following types of property contained
within a unit, regardless of ownership, if your Condominium Association
Agreement requires you to insure it:
(a)
Fixtures, improvements and alterations that are a part of the building
or structure; and
(b)
Appliances, such as those used for refrigerating, ventilating, cooking,
dishwashing, laundering, security or housekeeping.
But Building does not include personal property owned
by, used by or in the care, custody or control of a unit-owner except
for personal property listed in Paragraph A.1.a.(6) above.
B.
Paragraph
A.1.b. BUSINESS PERSONAL PROPERTY in the Businessowners Property Coverage
Form is replaced by the following:
b. Business Personal
Property
located in or on the buildings at the described premises or in the open (or
in a vehicle) within 100 feet of the described premises, owned:
(1)
By you; or
(2)
Indivisibly by all
unit-owners.
This includes your interest in the labor, materials or services furnished or
arranged by you on personal property of others.
Business Personal Property does not include personal property owned only by
a unit-owner, unless it is in your care, custody or control as covered
below.
This also includes similar property of others that is in your care, custody
or control; but this property is not covered for more than the amount for
which you are legally liable, plus the cost of labor, materials or services
furnished or arranged by you on personal property of others.
C. The following is
added to the LOSS PAYMENT Loss Condition in the Businessowners Property
Coverage Form:
1. If you name an
insurance trustee, we will adjust losses with you, but we will pay the
insurance trustee. If we pay the trustee, the payments will satisfy your
claims against us.
2.
The rnortgage holder
appoints an insurance trustee for the owners or co-owners of the condominium
as shown in the Schedule or in the Declarations. This insurance trustee
will:
a. Serve as Agent with
Power of Attorney as principal as respects the CANCELLATION Condition; and
b.
Act on all matters dealing with loss or damage to buildings or structures
covered under this policy.
This appointment includes the right to:
a.
Receive loss payment due
to the mortgageholder; and
b.
Execute
a
full
release
on
the mortgageholder's behalf.
D.
The following is added
to the PROPERTY LOSS CONDITIONS:
10. Unit-Owner's Insurance
A
unit-owner may have other insurance covering the same property as this
insurance. This insurance is intended to be primary, and not to contribute
with such other insurance.
E.
The following is added
to Paragraph C. - WHO IS AN INSURED of the Businessowners Liability Coverage
Form:
4. Each individual
unit-owner of the insured condominium, but only for liability arising out of
the ownership, maintenance or repair of that portion of the premises which
is not reserved for that unit-owner's exclusive use or occupancy.
F.
The following is added
to the TRANSFER OF RIGHTS OF RECOVERY AGAINST OTHERS TO US Common Policy
Condition:
3. Waiver of Rights of Recovery
We
waive our rights to recover payment from any unit-owner of the condominium
that is shown in the Declarations.