<p>1. Alteration Clause&nbsp;<br />
The Insured shall give immediate notice to the Company of any alteration, which materially affects the risk. Notice to any agent or knowledge possessed by any agent or by any other person shall not effect a waiver or a change in any part of this Policy or stop the company from asserting any right under the terms of this Policy nor shall the terms of this Policy be waived or changed except by endorsement issued to form part of this Policy and signed by an authorized representative of the Company.&nbsp;<br />
2. Arbitration Clause<br />
All differences as to the amount of any loss or damage covered by this Policy shall be referred to the decision of an arbitrator to be appointed by the parties in difference or if they cannot agree upon a single arbitrator to the decision of two arbitrators, one to be appointed in writing by each of the parties within thirty (30) days after having been required in writing to do so by either of the parties or in case of disagreement between the arbitrators to the decisions of an umpire to be appointed in writing by the arbitrators before entering on the reference and an award by the arbitrators or umpire shall be condition precedent to any right of action against the Company.&nbsp;<br />
3. Average<br />
If the property hereby insured shall, on the happening of any loss or damage be collectively of greater value than the sum insured thereon, then the Insured shall be considered as being their own insurer for the difference, and shall bear a ratable portion of the loss accordingly. However, if the value of the insured property affected at the happening of the loss or damage is at least (per policy schedule) of the value of indemnity, then average clause will not apply and is waived by the Insurer. Every item, if more than one, of the Policy shall be separately subject to this condition.&nbsp;<br />
4. Changes in Policy Clause<br />
None of the provision, conditions and terms of this policy shall be waived or altered except by endorsement&nbsp;<br />
signed or initialed by an authorized official of the Company and issued whenever applicable in accordance with the provisions of Section 50 of the Insurance Code.&nbsp;<br />
5. Diligence Clause<br />
The Insured shall at all times act with due diligence to prevent, or minimize the extent of any destruction of or damage to the property insured.&nbsp;<br />
6. Fraudulent Claims Clause<br />
If the claim be in any respect fraudulent, or if any false declaration be made or used in support thereof, or if any fraudulent means or devices are used by the Insured or any one acting on their behalf to obtain any benefit under this Policy, or if the destruction or damage be occasioned by the willful act, or with the connivance of the Insured; all benefit under this Policy shall be forfeited.&nbsp;<br />
7. Insured Rights Clause<br />
On the happening of any destruction or damage to any of the property insured by this Policy the Insurers may</p>

<p>(a)&nbsp;&nbsp; &nbsp;Take possession of or require to be delivered to it any property of the Insured on the premises at the time of the destruction or damage.<br />
(b)&nbsp;&nbsp; &nbsp;Keep possession of any such property and examine, sort, arrange, remove, or otherwise deal with the same.<br />
(c)&nbsp;&nbsp; &nbsp;Sell any such property or dispose of the same for account of whom it may concern.<br />
The power conferred by this Condition shall be exercisable by the Insurers at any time until notice in writing is given by the Insureds that he makes no claim under the Policy, or if any claim is made, until such is finally determined or withdrawn, and the Insurers shall not by any act done in the exercise or purported exercise of their power hereunder, incur any liability to the Insured or diminish the Insured&rsquo;s right to rely upon any of the conditions of this Policy in answer to any claim. &nbsp;If the Insured or any person on their behalf shall not without valid grounds comply with the requirements of the Insurers or shall hinder or obstruct the Insurers or shall hinder or obstruct the Insurers in the exercise of their powers hereunder, all benefits under this Policy shall be forfeited.</p>

<p>The Insured shall not in any case be entitled to abandon any property to the Insurers whether taken possession of by the Insured or not.<br />
<br />
8. Insurer Rights<br />
To follow<br />
<br />
9. Insurers Option to Repair Clause<br />
The Insurers may at their option reinstate the property damaged or destroyed, or any part thereof, instead of paying the amount of the destruction or damage, or may join with other Insurers in so doing, but the Insurers shall not be bound to reinstate exactly but only as circumstances permit and in a reasonably sufficient manner, and in no case shaft the Insurers be bound to expend more in reinstatement that it would have cost to reinstate such property as it was at the time of the occurrence of such destruction or damage, nor more than the sum insured by the Insurers thereon.&nbsp;<br />
If the Insurers so elect to reinstate or replace any property the Insured shall, at their own expense, furnish the Insurers with such plans, specifications, measurements, quantities, and such other particulars as the Insurers may require, and no acts done, or caused to be done by the Insurers with a new reinstatement or replacement shall be deemed an election by the Insurers to reinstate or replace.&nbsp;<br />
If in any case the Insurers shall be unable to reinstate or repair the property hereby insured because of any municipal or other regulations in force affecting the alignment of streets, or the construction of buildings, or otherwise, the Insurers shall, in every case, only be liable to pay such sum as would be requisite to reinstate or repair such property if the same could lawfully be reinstated to its former condition.&nbsp;<br />
10. Misdescription Clause<br />
If there be any material misdescription of any of the property hereby insured or of the trade, process or manufacture carried out by the Insured or any misrepresentation as to any fact material to be known for the estimating the risk or any omission to state such fact, the Insurers, shall not be liable under this Policy.&nbsp;<br />
11. Notification Clause<br />
On the happening of any destruction or damage, the Insured shall forthwith give notice thereof to the Insurers and shall within sixty (60) days after the destruction or damage, or such further time as the Insurers may inwriting allow, deliver to the Insurer.&nbsp;<br />
a.) A claim in writing for the destruction or damage containing as particular an account as may be&nbsp;<br />
reasonably practicable of all the several articles or items of property damaged or destroyed and of the amount of the destruction or damage, and a detailed summary of any consequential loss of income.&nbsp;<br />
b.) Particulars of all other insurance, if any.<br />
The Insured shall also at all times at their own expense produce, procure and give to the Insurers all such further particulars, plans, specifications, books, vouchers, invoices, duplicates or copies thereof, documents, proofs and information with respect to the claim and the origin, cause and circumstances under which the destruction or damage occurred and any matter touching the liability or the amount of the liability of the Insurers as may be reasonably required by or on behalf of the Insurers together with a declaration on oath or in other legal form of the truth of the claim and of any matters connected therewith. NO claim under this Policy shall be payable unless the terms of this condition have been complied with.&nbsp;<br />
12. Other Insurance Clause<br />
Thc Insured shall give notice to the Insurers of any insurance or insurance already affected, or which may subsequently be effected covering any of the property insured, and at the time of any destruction or damage happening to any property insured, the Insurers shall not be liable to pay or contribute more than their ratable proportion of such loss or damage.&nbsp;<br />
13. Prescription Clause<br />
In no ease whatsoever shall the Insurers be liable for any destruction or damage after the expiration of twelve (12) months from the happening of the destruction or damage unless the claim is the subject of pending action or arbitration.&nbsp;<br />
14. Receipt of Payment Clause&nbsp;<br />
Except only in those specific where corresponding rules and regulations which now are or may hereafter be in force provide for the payment of the stipulated premiums in periodic installments at fixed percentages, it is hereby declared, agreed and warranted that this policy shall be deemed effective, valid and binding upon the Company only when the premiums thereof have actually been paid in full and duly acknowledged in a receipt signed by any authorized official or representative/agent of the Company.<br />
15. Renewal Clause<br />
Unless the Insurers at least forty-five (45) days in advance of the end of the Policy notice of its intention to renew the Policy or to condition its renewal upon the reduction of limits or elimination of coverage, the Insured shall be entitled to renew the Policy upon payment of the premium due on the effective date of renewal.&nbsp;<br />
16. Subrogation Clause<br />
In the event of any payment under this Policy, the Company shall be subrogated to all the Insured&#39;s right of recovery thereof against any person or organization and the Insured shall execute and deliver instrument and papers and do whatever else is necessary to secure such rights. The Insured shall do nothing after loss to prejudice such right&nbsp;<br />
17. Suit Against the Company<br />
If a claim be made and rejected and an action or suit be not commenced either in the Insurance Commission or any court of competent jurisdiction within twelve (12) months from receipt of notice of such rejection, or in case of arbitration taking place as provided herein, within twelve (12) months after due notice of the award made by the arbitrator or arbitrators or umpire, then the claim shall for all purposes be deemed to have been abandoned and shall not thereafter be recoverable hereunder.&nbsp;</p>
