Common use of Newly Acquired Articles Clause in Contracts

Newly Acquired Articles. If you acquire any additional articles of the type for which an Amount of Insurance is shown, we will automatically insure these under this endorsement, provided you notify us within 30 days. We will not pay more than $5,000 under this extension. Any loss or damage shall not reduce the amount of insurance provided by this endorsement. If, following payment of a claim, you acquire any articles to replace those which were lost or damaged, you must tell us within 30 days. We insure your fine arts, listed under Optional Coverages, on the Policy Declarations, against all risk of direct physical loss or damage, subject to the terms and conditions of this endorsement. The words “you” or “your” have the same meaning as in Section I of the policy. We will pay the lesser of:

Newly Acquired Articles. If you acquire any additional articles of the type for which an Amount of Insurance is shown, we will automatically insure these under this endorsement, provided you notify us within 30 days. We will not pay more than $5,000 under this extension. Any loss or damage shall not reduce the amount of insurance provided by this endorsement. If, following payment of a claim, you acquire any articles to replace those which were lost or damaged, you must tell us within 30 days. We insure your fine arts, listed under Optional Coverages, Coverages on the Policy Declarations, against all risk of direct physical loss or damage, subject to the terms and conditions of this endorsement. The words “you” or “your” have the same meaning as in Section I of the policy. We will pay the lesser of: