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pt. 61, App. A(2) . the Insurer In writing or by the filing with the Insurer of an award as provided In para- graph S. below. If the Insurer rejects the Insured's proof of loss in whole or in part. the Insured may ac- cept such denial of its claim. or exercise its rights under this pOlicy. or file an amended proof of loss as long as it is med within 60 days of the date of the loss or any extension of time allowed by the Administrator. R. Abandonment: The Insured may not abandon damaged or undamaged Insured property to the Insurer. However. the Insurer may permit the In- sured to keep damaged. insured property ("salvage") after a loss and reduce the amount of the loss proceeds payable to the Insured under the policy by the value of the salvage. S. Appraisal: In case the Insured and the In- surer shall fail to agree as to the actual cash 1lGlue of the amount of loss. then: 1. On the written demand of either the In- surer or the Insured. each shall select a com- petent and disinterested appraiser and notify, the other of the appralser selected within 20 days of such demand. 2. The appraisers shall first select a com- petent and disinterested umpire and failing, after 15 days. to agree upon such umpire. then on the Insurer's request or the Insured's request. such umpire shall be selected by a judge of a court of record in the State in which the insured property is located. 3. The appraisers shall then appraise the loss. stating separatelY actual cash value and loss to each item; and. failing to agree. shall submit their differences. only. to the umpire. 4. An award in writing. so itemized. of any two (appraisers or appraiser and umpire) when filed with the Insurer shall determine the amount of actual cash 1lGlue and loss. 5. Each appraiser shall be paid by the party selecting him or her and the expenses of ap- praisal and umpire shall be paid by both par- ties equally. T. Action Against the InsuTeT: No suit or ac- tion on this policy for the recovery of any claim shall be sustainable in any court of law or equity unless all the reQ.uirements of this policy shall have been complied with. and unless commenced within 12 monthS next after the date of mailing of notice of disallowance or partial disallowance of the claim. An action on such claim against the Insurer must be instituted. without regard to the amount in controversy. in the United States District Court for the district in which the property shall have been situated. U. Su!lTogatirm: In the event of any pay- ment under this policy. the Insurer shall be subrogated to all the Insured's rights of re- covery therefor against any party. and the Insurer may require from the Insured an as- signment of all rights ,of recovery against any party for loss to the extent that pay- ment therefor is made by the Insurer. The . 44 CFR Ch. I (10-1-97 EdItion) Insured shall do nothing after loss to preju- dice such rights; however. this insurance shall not be Invalidated should the Insured waive in Writing prior to a loss any or all rights of recovery against any party for loss occurring to the described property. V. CrmtinlUlus Lake Flooding: Where the in- sured blLilding bas been inundated by rising lake waters continuously for 90 days or more and it appears reasonably certain that a con- tinuation of this flooding will result in dam- age, reimbursable under this policy, to the insured building equal to or greater than the building policy limits plus the deductible(s) or the maximum payable under the policy for anyone building loss. the Insurer will pay the Insured the lesser of these two amounts without waiting for the further damage to occur if the Insured signs a release agreeing to: 1. Make no further claim under this policy; and 2. Not seek renewal of this policy; and 3. Not apply fOT any flood insurance under the Act for property at the property location of the insured bUilding. If the policy term ends before the insured building bas been flooded continuously for 90 days. the provisions of this paragraph V. still apply so long as the fIrst building damage re- imbursable under this policy from the contin- uous flooding occurred before the end of the policy term. W. Duplicate Policies Not Allowed: Property may not be insured under more than one pol- icy issued under the Act. When the Insurer frods that duplicate policies are in effect. the Insurer shall by written notice give the In- sured the option of choosing which policy is to remain in effect. under the following pr0- cedures: I. If the Insured chooses to keep in effect the policy with the earlier effective date. the Insurer shall by the same written notice give the Insured an opportunity to add the cov- erage limits of the later policy to those of the earlier policy. as of the effective date oj the later policy. 2. If the Insured chooses to keep in effect the policy with the later effective date. the Insurer shall by the same written notice give the Insured the opportunity to add the cov- erage limits of the earlier policy to those of the later policy. as of the effective date of the later policy. In either case. the Insured must pay the pro ra.ta premium for the increased coverage limits within 30 days or the written notice. In no event shall the resulting coverage lim- its exceed the statutorily permissible limits of coverage under the Act or the Insured's in- surable interest. whichever is less. The Insurer shall make a refund to the In- sured. according to applicable Natitm41 Flood Insurance PTogram rules, of the premium for the policy not being kept in effect. 284 "" . .' ..' . . . -..- ,". '. . .... . " , '.' . .'. . :: '" :.'. .... ....- . '.' '.-.- -.. - . .... '.. 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