Physical Damage to Property definition

Physical Damage to Property shall be endorsed to read: “means direct and accidental loss of or damage to all property owned by any named insured and all property in any named insured’ care, custody, and control arising out of the acts or omissions of the contractor named on the Declarations. In lieu of providing a Railroad Protective Liability Policy, Licensee may participate (if available) in Railway’s Blanket Railroad Protective Liability Insurance Policy.

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Physical Damage to Property means direct and accidental loss of or damage to rolling stock and their contents, mechanical construction equipment or motive power equipment, railroad tracks, roadbeds, catenaries, signals, bridges or buildings.

Physical Damage to Property means physical injury to, or destruction of, tangible property, including loss of use there from.

Examples of Physical Damage to Property in a sentence

• In no event will the limits exceed the following: Bodily Injury Liability, Property Damage Liability: $2,000,000 each occurrence Liability and Physical Damage to Property: $6,000,000 aggregate The limits of liability stated above apply to the coverage’s as set forth in the Railroad Protective Liability Endorsement Form, subject to the terms, conditions, and exclusions found in the form.

• The policy form should be ISO CG 00 35 (06/90) or other equivalent RIMA/AASFITO approved form including coverage for "Physical Damage to Property" and coverage for pollution arising out of fuels or lubricants brought to the job site (i.e., ISO Form CG 28 31).

• If equivalent or broader wording is not contained in the policy form, the following endorsement must be included: It is agreed that "Physical Damage to Property" means direct and accidental loss of or damage to all property owned by Owner and/or all property in the care, custody and control of Owner.

• The limits of liability must be as follows: Combined Single Limit for Bodily Injury Liability, Property Damage Liability, and Physical Damage to Property: $2 million per occurrence with an aggregate of $6 million for the term of the policy.

• In no event will the limits exceed the following: Bodily Injury Liability, Property Damage Liability: $2,000,000 each occurrence Liability and Physical Damage to Property $6,000,000 aggregate The limits of liability stated above apply to the coverage’s as set forth in the Railroad Protective Liability Endorsement Form, subject to the terms, conditions, and exclusions found in the form.

• The policy shall be broad form coverage for "Physical Damage to Property" (ISO Form CG 00 35 or equivalent).

• Further, "Physical Damage to Property" as defined in the policy is to be deleted and replaced by the following endorsement: "It is agreed that ‘Physical Damage to Property’ means direct and accidental loss of or damage to all property owned by any named insured and all property in any named insured’s care, custody and control.” The original RRP Liability Insurance Policy must be submitted to Amtrak prior to commencement of Operations.

• In no event will the limits exceed the following: Bodily Injury Liability, Property Damage Liability: $2,000,000 each occurrence Liability and Physical Damage to Property: $6,000,000 aggregate The limits of liability stated above apply to the coverage's as set forth in the Railroad Protective Liability Endorsement Form, subject to the terms, conditions, and exclusions found in the form.

More Definitions of Physical Damage to Property

Physical Damage to Property shall be endorsed to read: "means direct and accidental loss of or damage to all property owned by any named insured and all property in any named insured's care, custody and control arising out of the acts or omissions of the contractor named on the Declarations."

Physical Damage to Property means direct and accidental loss of or damage to all property owned by any Named Insured and all property in any Named Insured’s care, custody and control.

Physical Damage to Property shall be endorsed to read: "means direct and accidental loss of or damage to all property owned by any named insured and all property in any named insured's care, custody, and control arising out of the acts or omissions of the contractor named on the Declarations." In lieu of providing a Railroad Protective Liability Policy, for a period of one (1) year from the Effective Date, Licensee may participate in Licensor's Blanket Railroad Protective Liability Insurance Policy available to Licensee or its contractor. The limits of coverage are the same as above. The cost is $14,432.50. ❑ I elect to participate in Licensor's Blanket Policy; ❑ I elect not to participate in Licensor's Blanket Policy.