Common use of Optional Coverages Clause in Contracts

Optional Coverages. The following are optional coverages under this policy. The Policy Declaration page shows which, if any, optional coverages you have purchased. VA - VALUABLE ARTICLES ENDORSEMENT Territorial Limits Limit of Insurance Basis of Settlement (Specified articles) 1. In the event of a total loss, we will pay the Limit of Insurance specified for the article. 2. In the event of a partial loss; 1) We will pay the cost to restore the article to its condition immediately prior to its loss; 2) Should the article not be restored, we will pay the difference in the market value of the article before and after the loss; 3) If, following restoration, the article’s value is less than the market value immediately prior to the loss, we will, in addition, pay you the difference between the restored value and the market value. In no event will we pay more than the Limit of Insurance for the article. 3. Articles mentioned as being “In a safety deposit box” must remain there. These articles are not insured while they are out unless we agree upon prior notice to cover them. If your articles are covered by category, we will pay the lesser of the following amounts: 1. The amount necessary to repair or replace your articles (whichever is less) without deduction for depreciation; 2. The limit of insurance specified for each category of articles. Should a maximum limit for any one article of a category be indicated, we will pay no more than such amount. When we use the following terms, we mean: 1. Fine Arts – paintings, pictures, art objects, tapestries, stained glass windows, statuary porcelain, rare books, manuscripts and similar articles. 2. Furs – fur garments and garments trimmed with fur.

Optional Coverages. The following are optional coverages under this policy. The Policy Declaration page shows which, if any, optional coverages you have purchased. VA - VALUABLE ARTICLES ENDORSEMENT Territorial Limits Limit of Insurance Basis of Settlement (Specified articles) 1. In the event of a total loss, we will pay the Limit of Insurance specified for the article. 2. In the event of a partial loss; 1) We will pay the cost to restore the article to its condition immediately prior to its loss; 2) Should the article not be restored, we will pay the difference in the market value of the article before and after the loss; 3) If, following restoration, the article’s value is less than the market value immediately prior to the loss, we will, in addition, pay you the difference between the restored value and the market value. In no event will we pay more than the Limit of Insurance for the article. 3. Articles mentioned as being “In a safety deposit box” must remain there. These articles are not insured while they are out unless we agree upon prior notice to cover them. If your articles are covered by category, we will pay the lesser of the following amounts: 1. The amount necessary to repair or replace your articles (whichever is less) without deduction for depreciation; 2. The limit of insurance specified for each category of articles. Should a maximum limit for any one article of a category be indicatedi ndicated, we will pay no more than such amount. When we use the following terms, we mean: 1. Fine Arts – paintings, pictures, art objects, tapestries, stained glass windows, statuary porcelain, rare books, manuscripts and similar articles. 2. Furs – fur garments and garments trimmed with fur.

Optional Coverages. The following are optional coverages under this policy. The Policy Declaration Declaratio n page shows which, if any, optional coverages you have purchased. VA - VALUABLE ARTICLES ENDORSEMENT Territorial Limits Limit of Insurance Basis of Settlement (Specified articles) 1. In the event ev ent of a total loss, we will pay the Limit of Insurance specified for specif ied f or the article. 2. In the event ev ent of a partial loss; 1) We will pay the cost to restore the article to its condition immediately prior to its loss; 2) Should the article not be restored, we will pay the difference dif f erence in the market value v alue of the article before bef ore and after af ter the loss; 3) IfIf , following f ollowing restoration, the article’s value v alue is less than the market value v alue immediately prior to the loss, we will, in addition, pay you y ou the difference dif f erence between the restored value v alue and the market valuev alue. In no event ev ent will we pay more than the Limit of Insurance for f or the article. 3. Articles mentioned as being “In a safety saf ety deposit box” must remain there. These articles are not insured while they are out unless we agree upon prior notice to cover cov er them. If your y our articles are covered cov ered by categorycategory , we will pay the lesser of the following f ollowing amounts: 1. The amount necessary to repair or replace your y our articles (whichever whichev er is less) without deduction for f or depreciation; 2. The limit of insurance specified for specif ied f or each category of articles. Should a maximum limit for f or any one article of a category be indicatedi ndicated, we will pay no more than such amount. When we use the following f ollowing terms, we mean: 1. Fine Arts – paintings, pictures, art objects, tapestries, stained glass windows, statuary porcelain, rare books, manuscripts and similar articles. 2. Furs – fur f ur garments and garments trimmed with furf ur.

Optional Coverages. The following are optional coverages under this policy. The Policy Declaration page shows which, if any, optional coverages you have purchased. VA - VALUABLE ARTICLES ENDORSEMENT Territorial Limits Limit of Insurance Basis of Settlement (Specified articles) 1. In the event of a total loss, we will pay the Limit of Insurance specified for the article. 2. In the event of a partial loss; 1) We will pay the cost to restore the article to its condition immediately prior to its loss; 2) Should the article not be restored, we will pay the difference in the market value of the article before and after the loss; 3) If, following restoration, the article’s value is less than the market value immediately prior to the loss, we will, in addition, pay you the difference between the restored value and the market value. In no event will we pay more than the Limit of Insurance for the article. 3. Articles mentioned as being “In a safety deposit box” must remain there. These articles are not insured while they are out unless we agree upon prior notice to cover them. If your articles are covered by category, we will pay the lesser of the following amounts: 1. The amount necessary to repair or replace your articles (whichever is less) without deduction for depreciationdeprecia tion; 2. The limit of insurance specified for each category of articles. Should a maximum limit for any one article of a category be indicatedi ndicated, we will pay no more than such amount. When we use the following terms, we mean: 1. Fine Arts – paintings, pictures, art objects, tapestries, stained glass windows, statuary porcelain, rare books, manuscripts and similar articles. 2. Furs – fur garments and garments trimmed with fur.