FLOOD08304 - Laserfiche WebLink

Home Browse Search

pt. 61, App. A(1) . competent and disinterested umpire; and failing. after 15 days. to agree upon such um- pire. then. on your request or our request. such umpire shall be selected by a judge of a court of record in the State in which the In- sured propertY is located. The appraisers shall then appraise the loss. stating sepa.- rately replacement cost. actual cash value and loss to each Item; and. falling to agree. shall submit their differences. only. to the umpire. An award in writing. so Itemized. of any two (appraisers or appraiser and umpire) when filed with us shall determine the amount of actual cash value and loss or. should this policy's replacement cost provi- sions apply. the amount of replacement cost and loss. Each appraiser shall be paid by the party selecting him or her and the expenses of appraisal and umpire shall be paid by both of us eqnally. O. Los< Clause: If we pay you for damage to property sustained in a flood loss. you are still eligible. during the term of the policy. to collect for a subsequent loss due.to another flood. Of course. all loss arising out of a sin- gle. continuous flood of long duration shall be adjusted as one flood loss. P. MOTtgage Clause: (Applicable to b1d/ding coverage only and effective only when the policy is made payable to a mortgagee or trustee named in the application and declara- tions _ attached to this policy or of whom we have actual notice Prior to the payment of loss proceeds under this policy). Loss. if any, under this policy. shall.be pay- able to the aforesaid as mortgagee or trustee as interest may appear under all present or future mortgages upon the propertY de- scribed in which the aforesaid may have an interest as mortgagee or trustee. in order of precedence of said mortgageS. and this insur- ance. as to the interest of the mortgagee or trustee only therein. shall not be invalidated by any act or neglect of the mortgagor or owner of the described propertY. nor by any foreclosure or other proceedings or notice of sale relating to the property. nor by any change in the title or ownership of the pr0p- ertY, nor by the occupation of the premises for purposes more hazardous than are per- mitted by this policy; provided. that in case the mortgagor or owner shall neglect to pay any premium due under this policy. the mort- gagee or tl'I1Stee shall. on dema.nd. pay the same. Provided. also. that the mortgagee or trustee shall notifY us of any change of own- ership or occupancy or increase of hazard which shall come to the knowledge of said mortgagee or trustee and. unless permitted by this policy. it shall be noted thereon and the mortgagee or trustee shall. on demand. pay the premium for such increased hazard for the term of the use thereof; otherwise. this policy shall be null and void. If this policy is cancelled by us. it shall continue in .force for the benefit only of the 44 CFR Ch.1 (llH-97 Edition) mortgagee or trustee for 30 days after writ- ten notice to the mortgagee or trustee of such cancellation and shall then cease. and we shall have the right. on like notice. to cancel this agreement. Whenever we shall pay the mortgagee or trustee any sum for loss under this policy and shall claim that. as to the mortgagor or owner. no liabillty therefor existed, we shall. to the extent of such payment. be thereupon legally subrogated to all the rights of the party to whom such payment shall be made. under all securities held as collateral to the mortgage debt. or may. at our option. pay to the mortgagee or trustee the whole principal due or to grow due on the mortgage with in- terest. and shall thereupon receive a full as- signment and transfer of the mortgage and of all such other securities; but no subroga- tion shall impair the right of the mortgagee or trustee to recover the full amount of said mortgagee's or trustee's claim. Q. Mortgagee Obligations: If you fall to render proof of loss. the named mortgagee or trustee.. upon notice. shall render proof of loss in the form herein specified within 60 clays thereafter and shall be subject to the provisions of this policy relating to appraisal and time of payment and of bringing suit. R. Conditions fOT Filing a LalDSUit: You may not sue us to recover money under this.policy unless you have complled with all the re- quirements of the policy. If you do sue. you must start the suit within 12 months from the date we mailed yon notice that we have denied your claim. or part of your claim. and you must file the suit in the United States District Court of the diStrict in which the in- sured property was located at the time of loss. S. Subrogation: Whenever we make a pay- ment for a loss under this policy. we are sub- rogated to your right to recover for that loss from any other person. That means that your right to recover for a loss that was partly or totally caused by someone else is automaticallY transferred to us. to the ex- tent that we have paid you for the loss. w~ may reqnire you to acknowledge this trans- fer in writing. After the loss. you may not give up our right to recover this money or do anything which would prevent us from recov- ering it. If you make any claim against any person who caused your loss and recover any money. you must pay us back f'1rst before you may keep any of that money. T. Cantin........ Lake Flooding: Where the in- sured building has been inundated by rising lake waters continuously for 90 d.a.ys or more and it appears reasonably certain that a con- tinuation of this nODding will result in dam- age. reimbursable under this policy. to the insured building equal to or greater than the buildi1lg policy limits plus the deductible(s) or the maxiD1um payable .under the policy for any one building loss. we will pay you the lesser of these two amounts without walting .. .' 270 ..' . . .' . '. .. . . :..' ~" . .