Common use of Loss Assessment Clause in Contracts

Loss Assessment. a. We will pay up to $1,000 for your share of loss assessment charged during the policy period against you, as owner or tenant of the “residence premises”, by a corporation or association of property owners. The assessment must be made as a result of direct loss to property, owned by all members collectively, of the type that would be covered by this policy if owned by you, caused by a Peril Insured Against under Coverage C, other than: (1) Earthquake; or (2) Land shock waves or tremors before, during or after a volcanic eruption. The limit of $1,000 is the most we will pay with respect to any one loss, regardless of the number of assessments. We will only apply one deductible, per unit, to the total amount of any one loss to the property described above, regardless of the number of assessments. b. We do not cover assessments charged against you or a corporation or association of property owners by any governmental body. c. Paragraph O. Policy Period under Section I – Conditions does not apply to this coverage. This coverage is additional insurance.

Loss Assessment. a. We will pay up to $1,000 for your share of loss assessment charged during the policy period against you, as owner or tenant of the “residence premises”, by a corporation or association of property owners. The assessment must be made as a result of direct loss to property, owned by all members collectively, of the type that would be covered by this policy if owned by you, caused by a Peril Insured Against under Coverage CA, other than: (1) Earthquake; or (2) Land shock waves or tremors before, during or after a volcanic eruption. The limit of $1,000 is the most we will pay with respect to any one loss, regardless of the number of assessments. We will only apply one deductible, per unit, to the total amount of any one loss to the property described above, regardless of the number of assessments. b. We do not cover assessments charged against you or a corporation or association of property owners by any governmental body. c. Paragraph O. P. Policy Period under Section I – Conditions does not apply to this coverage. This coverage is additional insurance.