Common use of Covered Property Clause in Contracts

Covered Property. The interest of the covered entity in all buildings and structures listed in Item 3 of the Information Pages and in all contents and personal property owned, used or intended for use by the covered entity, on a given site or in the open within 500 feet thereof, owned by the covered entity or in which the covered entity has an insurable interest or which the covered entity is under obligation to insure, and includes: 1. Improvements and betterments introduced by the covered entity to buildings not owned by the covered entity. In the event of loss or damage, the covered entity shall be treated as sole and unconditional owner of improvements and betterments, notwithstanding any agreement or lease to the contrary. 2. Trailers, riding mowers, towed equipment, golf carts and vehicles not licensed for travel on public roads, when such items are included in the “Contents Value” of the location where they are most often used or stored. Loss will be settled on an actual cash value basis. 3. All supplies, tools, and permanent fixtures pertaining to the services of the building.