Recovered Property. If you or we recover any property for which we have made payment under this policy, you or we will notify the other of the recovery. At your option, the property will be returned to or retained by you or it will become our property. If the recovered property is returned to or retained by you, the loss payment will be adjusted based on the amount you received for the recovered property.
Recovered Property. If either you or we recover any property after loss settlement, that party must give the other prompt notice. At your option, you may keep the property or we will return it to you. Oth- erwise, it will become our property. If you choose to keep the property, the loss payment will be adjusted based on the amount you received for the recovered property.
Recovered Property. If you or we recover any property for which we have made payment under this policy, you or we will notify the other of the recovery. At your option, the property will be returned to or retained by you or it will become our property. If the recovered property is returned to or retained by you, the loss payment will be adjusted based on the amount you received for the recovered property. The following Condition is added and applies to all risks located in Protection Class 9, 9S or 10 in the State of North Carolina:
Recovered Property. If the Insured or the Underwriters recover any property, money or Data Assets after a loss payment is made, the party making the recovery must give prompt notice of the recovery to the other party. If the recovered property is money or other funds, the recovery shall be applied first to Loss payments made by Underwriters, second to any Retention payment made by the Named Insured, and third to any costs incurred by Underwriters in recovering the property. If property other than money or funds is recovered, the Named Insured may (i) keep the recovered property and return the Loss payment plus all costs of recovery incurred by Underwriters, or (ii) keep the Loss payment less the costs of recovery incurred by Underwriters and transfer all rights in the property to Underwriters. All other terms and conditions of this Policy remain unchanged. U.S. Terrorism Risk Insurance Act of 2002 as amended New & Renewal Business Endorsement This Endorsement is issued in accordance with the terms and conditions of the "U.S. Terrorism Risk Insurance Act of 2002" as amended, as summarized in the disclosure notice. It is hereby noted and agreed with effect from inception that the Terrorism exclusion to which this Insurance is subject, shall not apply to any "insured loss" directly resulting from any "act of terrorism" as defined in the "U.S. Terrorism Risk Insurance Act of 2002", as amended ("TRIA"). The coverage afforded by this Endorsement is only in respect of any "insured loss" of the type insured by this Insurance directly resulting from an "act of terrorism" as defined in TRIA. The coverage provided by this Endorsement shall expire at 12:00 midnight December 31, 2020, the date on which the TRIA Program is scheduled to terminate, or the expiry date of the policy whichever occurs first, and shall not cover any losses or events which arise after the earlier of these dates. The Terrorism exclusion, to which this Insurance is subject, applies in full force and effect to any other losses and any act or events that are not included in said definition of "act of terrorism". This Endorsement only affects the Terrorism exclusion to which this Insurance is subject. All other terms, conditions, insured coverage and exclusions of this Insurance including applicable limits and deductibles remain unchanged and apply in full force and effect to the coverage provided by this Insurance. Furthermore the Underwriter(s) will not be liable for any amounts for which they are not responsible und...
Recovered Property. 1. If you or we recover any property for which we have made payment under this policy, you or we will notify the other of the recovery.
Recovered Property. If either you or DOAS recover Covered Property after loss settlement, the recovering party must give the other prompt notice. At your option, the property will be returned to or retained by you. You must then return to DOAS the amount DOAS paid to you for the property. DOAS will reimburse you for recovery expenses and the expenses to repair the recovered property, subject to the Limit of Coverage. If the recovered property is damaged and you want the property returned, you must pay DOAS what is agreed to be the fair value of that damaged property less recovery expenses.
Recovered Property. Before we have paid for the loss or replaced the property, we may return to you any recovered stolen property, at our expense, along with payment for any covered damage. At our option, we may keep all or part of the property at the agreed or appraised value, but you will not have the option of abandoning property to us.
Recovered Property. If you recover any property that we have made payment on under this policy you must immediately notify us. If the recovery is made prior to the conclusion of the loss adjustment, you will have the option to retain the property and we will adjust the loss payment based on the value of the property.
