Reso 2011-1796 - Laserfiche WebLink

Home Browse Search

8. Other Endorsements: Dredging Endorsement; Piling, Sheet Piling & Caisson Endorsement 9. Extension of Term: With prior notification to and agreement by the Company if the insured project has not been completed on schedule, this policy may be extended for up to three months, exclusive of the Hot Testing period if applicable, at pro-rata of the rates as provided in the policy and if applicable, extension of the Hot Testing period shall be subject to a one (1) month extension at Not Applicable% of the rates as provided in the policy for the Hot Testing period. Extensions beyond this period and extensions of the Hot Testing period are subject to payment of additional premiums at rates and terms to be developed by the Company at the time of the Company's agreement to such additional extensions. 10. Policy Term: Such coverage applies for such periods commencing directly with work at the insured project and continues in full force and effect until the earlier of the final acceptance by the owner, the expiration or cancellation date provided or the expiry of the Named Insured's interest unless otherwise agreed by endorsement. In the event that an owner places insurance on any portion of the work which has been declared and accepted as Substantially Complete or any portion of the work is occupied or placed into commercial service for its intended purpose, coverage as respects such portion of the work shall cease as of the Substantial Completion Date as stated in the Certificate of Substantial Completion, the date of occupancy or the date of commercial service, whichever first occurs. Notwithstanding the foregoing provisions of the policy, the policy is extended to cover the insured project during periods of occupancy or commercial service occurring prior to or after completion of the insured project but prior to final acceptance by the Owner for up to a period of 0 consecutive weeks 11. Additional Insured: To the extent required by any contract or subcontract, and then only as their respective interests may appear, any individual(s) or entity(ies) specified in such contract or subcontract are recognized as Additional Insureds. As respects architects, engineers, manufacturers and suppliers, the foregoing is limited to their site activities only precluding coverage respectively under policies for professional liability and products liability and warranty coverage as applicable. 12. Policy Territory: While located at the location of the insured project and while in transit within and lor offsite storage within the fifty (50) states comprising the United States of America, and within the District of Columbia including the territorial coastal waters of any of the foregoing 13. Please read this document carefully as it may differ from the terms and conditions requested in your submission specifications. Where there is a difference between this document and your submission specifications, this document shall prevail. 14. Office of Foreign Assets Control (OFAC) Disclosure Notice: This proposal or resulting Binder, the continuation of any bound insurance, and any payments to you, to a claimant or to another third party, may be affected by the administration and enforcement of U.S. economic embargoes and trade sanctions by the office of Foreign Assets Control (OFAC), if we determine that any such party is on the "Specialty Designated Nationals or Blocked Persons" list as maintained by Office of Foreign Assets Control. 15. Should this document contemplate quota share participation in the insurance placement set forth herein or in any layer being a part of such placement, the terms and conditions of this document are amended to include common terms and conditions accepted by all companies. 16. Cancellation: 60 Days, except 10 Days for Non-Payment 17. Optional TRIA Coverage is available for an additional premium of $1,500 plus taxes and fees. You must advise at time of binding the Insured's decision to elect or reject coverage. 6