Common use of Newly Acquired Property Clause in Contracts

Newly Acquired Property. Property which is acquired, or improvements, alterations or additions which are made to covered property after a covered entity’s coverage period begins will be automatically covered for a period of sixty (60) days. Such properties and improvements must be reported, in writing, and the proper premium paid during this sixty (60) day period or coverage will be discontinued and any claims associated with such property will be denied coverage.

Newly Acquired Property. Property which is newly acquired, ; or improvements, alterations or additions which are to currently covered property, made to covered property after a covered entity’s coverage period begins during the current policy period, will be automatically covered for a period of sixty (60) days. Such properties and improvements must be reported, in writing, and the proper premium paid during this sixty (60) day period or coverage will be discontinued and any claims associated with such property will be denied coveragevoided.