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e e . e loss to improvements and betterments (as hereinafter defined) to the de- scribed building. The Insured. if an individual condominium unit owner in the described. building, may apply up to 10% of the amount of insurance on contents covered under this policy. not as an additional amount of insurance. to cover loss to the interior walls, floors. and ceilings that are not otherwise covered under a condominium association policy on the described building. The Insurer shall not be liable for loss in anyone occurrence for more than $250 in the aggregate on paintings, etchings, pictures. tapestries. art glass windows and other works of art (such as but not limited to statuary. marbles, bronzes. rare books. porcelains. rare glass, and brie-a-brae), jewelry. watches, necklaces, bracelets, gems, precious and semi-precious stones, articles of gold, silver, platinum and furs and any article contain- ing fur which represents its principal value. ~ When the insurance under this policy covers improvements and bet- terments, such insurance shall cover the Insured's used interest in im- provements and bettennents to the described building. a. The tenn "improvements and bettennents" wherever used in this policy is defined as fixtures, alterations, installations, or additions com- prising a part of the described building and made, or acquired, at the ex- pense of the Insured exclusive of rent paid by the Insured, but which are not legally subject to removal by the Insured. b_ The word "lease" wherever used in this policy shall mean the lease or rental agreement, whether written or oral, in effect as of the time onoss. c. In the event improvementS and betterments are damaged or destroyed during the term of this policy by the peril insured against, the liability of the Insurer shall be detennined as follows: (i) If repaired or replaced at the expense of the Insured within a reasonable time after such loss, the actual cash value of the damaged or destroyed im- provements and bettennents. (ii) If not repaired or replaced within a reasonable time after such loss, that proportion of the original cost at time of installation of the damaged or destroyed improvements and bettennents which the unexpired term of the lease at the time of loss bears to the period(s) from the date(s) such im- provements and bettennents were made to the expiration date of the lease. (Hi) If repaired or replaced at the expense of others for the use of the Insured, there shall be no liability hereunder. 4. In the case ofconleDls owned by the InsuJ<d in a condominium building. as acondominium unitowner, as well as in conunon witbother condominium unit Qwners, should the amount of insurance collectible under this policy for a loss, when combined with any recovery available to the Insured as a tenant in common under any condominium association Oood insurance coverage provided under the Act for the same loss, exceed the statutorily permissible limits of contents coverage available under the Act for the in- suring of risks of the class (residential, non-residential, or small business) of the Insured, then the limits of contents coverage under this policy shall be reduced in regard to that loss by the amount of such excess. C. Debris Removal: This insurance covers expense incurred in the removal of debris of or on the building or contents covered hereunder, which may be occasioned by loss caused by the peril insured against in this policy. The total liability under this policy for both loss to propeny and debris removal expense shall not exceed the amount of insurance applying under this policy to the propeny covered. ARI1CLE V-PROPERrY Nor COVERED 1bis policy sball not cover: A. AccountS, bills, currency, deeds. evidences of debt, money, coins, medals, postage stamps, securlUes, bullion, manuscriptS, or other valuable papers or records. B. A building, and its contents. located entirely in. on, or over water or seaward of mean high tide, if the building was newly constructed or substantially improved on or after October I, 1982. C. ~ences, retaining walls, seawalls, swimming pools, bulkheads, wharves. piers. bridges, docks; other open structures located on or over water. including boathouses or other similar structures or buildings into which boats are floated; or personal property in the open. D. Land values,1awn, trees, shrubs or plants, growing crops, or livestock; underground sbUctUt'es and equipment including wells, septic tanks or septic systems; those ponions of walks, walkways. driveways. patios, and other surfaces, all of whatever kind of constnlction, located outside the perimeter, exterior walls of the insured building. E. Aircraft, any self-propelled vehicle or machine and motor vehicles October 1992 (other than motorizec;l equipment pertaining to the service of the premises, operated principally on the premises of the Insured, and not licensed for highway use) including their parts and equipment. trailers on wheels and other recreational vehicles whether affixed to a permanent foundation or on wheels; watercraft including their furnishings and equipment. F. Enclosures, contents, machinery, building components. equipment and fixtures located at an elevation lower than the lowest elevated Ooor of an elevated Post-FIRM building (except for the required utility connec- tions and the footing, foundation, posts, pilings, piers or other foundation walls and anchorage system as required for the support of the elevated Post- FIRM building), including a manufactured (Le., mobile) home; finished basement walls, floors. ceilings and other improvements to a basement hav- ing its floor subgrade on all sides (except for drywalls and sheetrock walls and ceilings, whether finished or unfinished, all only to the eXlent of replacing them with unfinished (i.e., nailed to framing but not taped or otherwise finished with paint or other covering) drywall or sheetrock ceilings or walls. and except for fiberglass insulation) and contents, machinery, building equip- ment and fixtures in such basement areas; except that, as to this sub- paragraph(F), coverage is provided in basement areas and in areas below the lowest elevated floor of an elevated Post.FIRM building for sump pumps, well-water tanks, well-water tank pumps, oil tanks and the oil in them, cisterns and the water in them. natural gas tanks and the gas in them. pumps andlor tanks used in conjunction with solar energy systems, furnaces, hot water heaters, clothes washers and dryers. food freezers and the food in them, air conditioners. heat pumps and elcctrical junction and circuit breaker boxes; and coverage is also provided in basement areas and in areas below the lowest elevated floor of an elevated Post-FIRM building for stairways and staircases auached to the building which are not separated from the building by elevated walkways and for elevators and relevant equipment, except for such relevant equipment located below the base flood elevation if such relevant equipment was installed on or after October I, 1987. G. Buildings and their contents. including machinery and equipment, which are part of the building. where more than 49 percent of the actual cash value of such buildings is below ground. unless the lowest level is at or above the base 0000: elevation (in the Regular Program) or the adja- cent ground level (in the Emergency Program) by reason of earth having been used as an insulation material in conjunction with energy efficient building techniques. H. A manufactured (i.e., mobile) home located or placed within a FEMA designated Special Flood Hazard Area that is not anchored to a permanent foundation to resist flotation, collapse, or lateral movement (i) by over- the-top or frame ties to ground anchors or (ii) in accordance with manufac- hirer's specifications or (iii) in compliance with the conununity's flood plain management requirements. unless it is a manufactured (Le., mobile) home on a pennanent foundation continuously insured by the National Flood In- surance Program at the same site at least since September 30. 1982. I. Units which are primarily containers, rather than buildings (such as gas and liquid tanks, chemical or reactor container tanks or enclosures, brick kilns, and similar units) and their contents. (Silos and grain storage buildings, including their contents, may be insured even though they may be of container-type construction.) J. A building, and its contents. newly constructed or substantially im- proved on or after October I. 1983 in an area designated as an undeveloped coastal barrier, within the Coastal Barrier Resources System established by the Coastal Barrier Resources Act (Pub. L. 97-348)_ ARI1CLE VI-DEDUCl'lBLES A. With respect to loss to the building and debris removal covered hereunder, Insurer shall be liable for only that portion of the loss in any one occurrence which is in e;tcess of $500.00. B. With respect to loss to contents and debris removal expenses covered hereunder, the Insurer shall be liable for only that ponion of the loss in anyone occurrence which is in excess of $500.00. C. In lieu of the $500.00 deductible, the amount of the deductible in .. A .. and "B" , above, shall be the higher amount selected, as an option. by the Insured when applying for the insurance or when raising the deductible by endorsement. ARI1CLE VU- GENERAL CONDmONS AND PROVISIONS A. Pair and Set Clause: If there is loss of an article which is part of a pair or set, the measure of loss shall be a reasonable and fair proportion POL 27