Common use of NEWLY ACQUIRED EQUIPMENT Clause in Contracts

NEWLY ACQUIRED EQUIPMENT. This Form also insures additional items of a similar kind to that scheduled in the “Declarations Page” acquired by the Insured during the policy period, subject to notice to the Insurer within ninety (90) days from the date of acquisition and payment of a pro rate additional premium from such date. It is agreed that the Insurer shall cease to insure such items at the end of the said ninety (90) days if they are not reported within that time. This extension of insurance shall be limited to the Newly Acquired Equipment limit shown in the “Declarations Page” or, if no such limit be shown, to a maximum recovery of fifty thousand dollars ($50,000) subject to the deductible shown for that particular type of equipment on the “Declaration Page”, with respect to any one loss or series of losses arising out of the same event.