5 legal representatives, against direct physical loss of or damage to the property described in the attached application 6 which may result from ENEMY ATTACK NCLUDING ANY ACTION TAKEN BY THE MILITARY, NAVAL 7 OR AIR FORCES OF THE UNITED STATES RESISTING ENEMY ATTACK. 8 This insurance shall take effect the effective date herein stated, at noon, standard time, at the place 9 where the property is located, and shall minate twelve months thereafter, at the same hour. 10 The representations, term and conditions of the application attached hereto shall be a part of this policy, and, 11 except as otherwise herein provid 12 therein stated, while locate 13 14 this policy shall cover the property described in the application, for the amounts the place (s) stated in the application, but not elsewhere. Assignment of this policy shall not be valid except with the written consent of the Corporation. The provisions printed on the following pages are made a part of this policy, and this policy shall also be 15 subject to such other provisions, stipulations and agreements as may be added hereto, over the signature of a duly 16 authorized Fiduciary Agent. 17 In Witness Whereof, the Corporation has executed this policy, but this policy shall not be valid unless 18 countersigned by a duly authorized Fiduciary Agent of the Corporation. Page 2, 23 AMOUNT OF 24 LOSS 25 The amount of loss shall not exceed the actual cash value of the property nor the interest 26 of the Insured therein at the time of loss, nor the 27 amount it would cost to repair or replace the property 28 with material of like kind and quality within a reason. 29 able time after the loss. No allowance shall be 30 made for compensation for loss of use, loss of 31 profits, loss resulting from delay or deterioration, 32 loss or impairment of market, cessation of work, fixa33 tion of price or value, interruption of business or manufac34 ture or occupancy, or for consequential loss. No allowance 35 shall be made for any increased cost of repair or recon36 struction by reason of any ordinance or law regulating 37 construction, use or repair. 46 PROPERTY 47 EXCLUDED 48 Unless specifically provided in writing hereon, this policy shall not cover accounts, bills, cur49 rency, deeds, evidences of debt, securities, money, bullion, 50 stamps, furs, jewelry, precious and semi-precious stones, 51 works of art, statuary, paintings, pictures, etchings, 52 antiques, stamp and coin collections, manuscripts, books 53 and printed publications more than 50 years old, models, 54 curiosities, objects of historical or scientific interest, plea 55 ure water craft, pleasure aircraft, standing timber, growing 56 crops, orchards, or any real property which is no part 57 of a structure or building. 58 PREMIUM 59 The premium required by the regulations of the Cocation 60 shall be paid in full prior to the effective date. If a check is 61 tendered in payment of premium and schok not hon62 ored upon presentation for the full amt thereof, this 63 policy shall be void. 64 PERILS NOT 65 COVERED 66. 67 (a) blackout; burglary, 68 looting, sabotage, vand The Comoration shall not be liab for loss caused directly or inctly by: robbery, theft, larceny, pillage or malicious mischief; or 69 (b) neglect of the Insured use all reasonable means 70 to save and preserve the property after damage resulting 71 from the perils herein covered. 72 PRO RATA 73 DISTRIBUTION 74 If any item of insurance covers blanket in or on more than one building, structure or place, the 75 amount of insurance under such item shall attach in or on 76 each building, structure or place in that proportion which 77 the value of the property in or on each said building, struc78 ture or place shall bear to the value of all of the property 79 covered by such blanket item. 80 This pro rata distribution clause shall not apply if this 81 policy is subject to 90% or 100% coinsurance. 82 COINSURANCE 83 The Corporation shall not be liable for a greater proportion 84 of any loss than the amount of insurance under this policy 85 bears to the stipulated percentage of the actual cash value 86 of the property described in the application at the time when 87 such loss occurs. The stipulated percentage shall be 88 the percentage of coinsurance stated in the application. If 89 the claim for loss is both less than $10,000 and less than 90 2% of the total amount of insurance upon the property de91 scribed in the application, at the time such loss occurs, no 92 special inventory or appraisal of the undamaged prop93 erty shall be required, and if the property described in 94 the application consists of two or more items, the provisions 95 of this paragraph shall apply to each item separately. 96 The provisions of this coinsurance clause shall not apply to 97 dwellings comprising less than five family units, nor to farm 98 properties. 101 hereunder, whether prior to, subsequent to, or simultaneous 102 with this insurance, which in the absence of this insurance 103 would cover the loss or damage hereby covered, then the 104 Corporation shall not be liable hereunder for more than the 105 excess over and above such other insurance. 106 MORTGAGE OR 107 OTHER INTEREST 108 If the application provides that loss hereunder shall be payable in whole or in part to a payee 109 other than the Insured, and the Insured fails to render proof 110 of loss within the time required by this policy, such payee 111 shall, upon tice, as famed as the Insured herein, render 112 proof of oss herein specified within sixty days thereafter, 113 and shall subj to the provisions hereof as to examina 114 tiog under oppraisal, time of payment, and bringing suit. 115 CCELLATION 116 This policy may be cancelled upon the request of the Insured surender of this policy, only in case of change in/own118 rship of the property, or in the Insured's interest therein. 119 this policy be issued in violation of the regulations 120 of the Corporation in effect at the time of issuance, this policy may be cancelled by the Corporation by 122 delivering or mailing five days' written notice to the Insured, 123 and to the loss payee, if any, at the address given in the 124 application. In the event of cancellation, the net premium 125 shall be prorated and returned in conformity with the reg126 ulations of the Corporation. 127 REQUIREMENTS IN 128 CASE OF LOSS 129 In the event of loss, the Insured shall give immediate written notice to the Corporation, fur-* 130 nish a complete inventory of the destroyed, damaged and 131 undamaged property, stating the quantity, cost and actual 132 cash value of each article and the amount claimed thereon, 133 and file with the Corporation a proof of loss within 60 days 134 after the loss, unless such time is extended by the Corpora135 tion in writing. Such proof of loss, signed and sworn to 135 by the Insured, shall state the Insured's knowledge and be137 lief as to the time and origin of the loss, the interest 138 of the Insured and all others in the property, the actual 139 cash value of each item thereof and the amount of loss 140 thereto, and all contracts of insurance covering any of such 141 property. If required, the Insured shall furnish verified 142 plans and specifications of any buildings, fixtures or machin143 ery destroyed or damaged; as often as may be required, ex144 hibit to any person designated by the Corporation all that 145 remains of any property herein covered; submit to examina146 tions under oath by any person named by the Corporation 147 and subscribe the same; and, as often as may be required, 148 produce for examination all books of account, bills, invoices 149 and other vouchers, or certified copies thereof, if originals 150 be lost, at such reasonable time and place as may be des151 ignated by the Corporation, and permit extracts and copies 152 thereof to be made. (Continued on Page 4) Page 4 153 APPRAISAL 154 In case the Insured and the Corporation fail to agree as to 155 the actual cash value or the arhount of loss, then, on 156 the written demand of either, each shall select a competent 157 and disinterested appraiser and notify the other of the ap158 praiser-selected within twenty' days after such demand. The 159 appraisers shall first select a competent and disinterested 160 umpire, and, in the event of their failure within fifteen days 161 to agree upon such umpire, then, on request of the Insured 162 or the Corporation, such umpire shall be selected by a Judge 163 of a Federal Court of the district in which the property is 164 located. The appraisers shall then appraise the loss, stating" 165 separately actual cash value and loss to each item; and, 166 failing to agree, shall submit their differences, only, to the 167 umpire. An award in writing, so itemized, of any two when 168 filed with the Corporation shall determine the amount of 169 actual cash value and loss. Each appraiser shall be paid by 170 the party selecting him and the expenses of appraisal and 171 the umpire shall be paid by, the parties equally. 172 CORPORATION'S 173 OPTIONS .174 It shall be optional with the Corporation to take all or any part of the property at the 175 agreed value, and also to repair, rebuild, or replace the 176 property destroyed or damaged with other of like kind and 177 quality within a reasonable time on giving notice of its in178 tention so to do within thirty days after the receipt of 179 proof of loss; but there can be no abandonment 180.poration of any property. 181 PAYMENT OF LOSS 182 Any loss shall be the Cor blety 183 herein provided, is received by the Corposion and ascer SPE 184 tainment of the loss is made either by agreement between the 191 of any claim, shall be sustain192 able in any court of law, opquity unless all the require193 ments of this policy shall have been complied with, or un194 less commenced within 195 SUBROGATION 196 200 ths after the date of loss. The Corporation may require From the Insured an assignment 197 of all right of fecavery against any party for loss to the proceeding on the part of the Corporation relating to ap- 203 If the Insured is unable to comply with any of the provisions of this policy applicable to a 09 loss because of enemy action, occupation or control, the 210 Insured's right of recovery shall not be prejudiced, provided 211 the Insured shall comply with such provisions within a 212 reasonable time after the Insured becomes able to do so, 213 but in no event later than six months thereafter. The Reconstruction Finance Corporation Act, as amended, provides: "SEC. 16. (a) Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of obtaining for himself or for any applicant any loan, or extension thereof by renewal, deferment of action, or otherwise, or the acceptance, release, or substitution of security therefor, or for the purpose of influencing in any way the action of the corporation, or for the purpose of obtaining money, property, or anything of value, under this Act, shall be punished by a fine of not more than $5,000 or by imprisonment for not more than two years, or both." WAR DAMAGE CORPORATION-AMENDMENT TO REGULATIONS A-EFFECTIVE JULY 1, 1942 AMENDMENT TO REGULATIONS A 1. Rule 10 of regulations A is hereby amended to read as follows: "RULE 10-Policies may be issued to mortgagees or other holders of security or financial interests in property eligible for coverage under these Regulations. The rate shall be determined according to these Regulations on the basis of the coded classification of the property and risks covered and the coverage shall be subject to all the conditions of the Policy; except that, with respect to any occupancy classification to which the 'Coinsurance' clause contained in the Policy is applicable, if the Applicant shall so elect, the Applicant may apply for insurance to the full extent of its interest in the property described in the Application and in such case, the Application shall set forth the declared dollar amount of the Applicant's interest in the property therein described. The rate for such coverage shall be the highest rate applicable to property under the respective coded classification as set forth in the Rate Schedule of Appendix "A". The Fiduciary Agent shall, in any such case, attach to the Policy the following form of endorsement: "The 'Pro Rata Distribution' clause and the 'Coinsurance' clause contained in this policy are not applicable. All other terms and conditions of this policy remain unchanged. "If blanket policies are issued covering mortgagee or other financial interests, the provisions of these Regulations relating to 'Blanket Insurance' shall apply." (See Rule 9.) 2. The limit of coverage set forth in Rule 23 of Regulations "A" shall be inapplicable to "Furs" and "Jewelry" and such property shall be eligible for coverage without limitation. The rate for such coverage shall be the rate applicable to the appropriate coded classifications in lieu of the rate set forth under Occupancy Code 15 in the Rate Schedule of Appendix A. 3. Regulations "A" are hereby amended by adding thereto the following Rule: "COVERAGE FOR STANDING TIMBER "RULE 26.01-Standing timber may be specifically covered, provided the Application (WDC Form No. 2) or the Schedule attached thereto sets forth separately the description, location and amount of coverage of the standing timber to be so covered. No limit of coverage shall be applicable. The rate for such coverage shall be 15 cents, with 100% coinsurance mandatory. In any such case the Fiduciary Agent shall attach to the Policy the following form of endorsement: "This policy is hereby extended to cover the standing timber described in the Application (and the Schedule, if any) which is attached to this policy. All other terms and conditions of this policy remain unchanged." 4. Rule 26 of Regulations "A" is hereby amended to read as follows: "RULE 26-Growing crops and orchards may be specifically covered provided the separate form of Application for insurance covering growing crops and orchards is completed by the Applicant, such coverage to be at the following graduated rates: 5c for the first $100,000, 71⁄2c for the second, 10c for the third, 121⁄2c for the fourth, and 15c for all coverage in excess of $400,000; with no coinsurance requirements or credits being applicable." WAR DAMAGE CORPORATION AMENDMENT TO REGULATIONS A-EFFECTIVE OCTOBER 1, 1942 Regulations A are hereby amended by adding thereto the following rule: "REGISTERED MAIL OR EXPRESS COVERAGE FOR MONEY AND SECURITIES (OCCUPANCY CODE 18) "RULE 26.02-Money and Securities may be covered under the Policy while in transit by Registered Mail or Express (including Registered Airmail and Air Express) provided the separate form of Application (WDC Form No. 15) for such Registered Mail or Express coverage is completed by the Applicant. The terms 'Money' and 'Securities' are defined in Item 5 of said Application and the coverage limitations are set forth in Condition (b) appearing on the reverse side of said Application. The premium for such coverage will be computed on the basis of the declaration of maximum estimates of aggregate values of shipments of Money and Securities by the Applicant for the full period of twelve months from the effective date of the insurance and an adjustment will be made at the end of the term of the Policy based upon the written report of the total values of Money and Securities actually shipped by the Applicant during such term, all as described in Condition (f) appearing on the reverse side of said Application. The rates for such coverage are set forth in Item 3 of said Application, as follows: For Money, 3¢ per $1,000 of total aggregate declared value; for Securities, 1¢ per $1,000 of total aggregate declared value. Coverage is provided with respect to both of the following: CLASS A-Shipments made by, to, or for the account of the Applicant CLASS B-Shipments by the Applicant for the account of others. Class A coverage is optional. Class B coverage cannot be obtained without Class A coverage. The limits of liability are $500,000for Money and $2,000,000 for Securities with respect to any one shipment to any one consignee on any one day. The 'Pro Rata Distribution' clause and the 'Coinsurance' clause contained in the Policy are not applicable and all other terms and conditions of the Policy are to be considered amended and modified to the extent necessary to conform to the provisions of said Application.' |