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10-29-1984 Council Packet
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10-29-1984 Council Packet
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s <br />Exhibit A <br />LOSS ADJUSTMENT ENDORSEMENT <br />In the event of damage to or destruction of property, at a location designated in <br />this policy and also designated in a fire insurance policy(ies) and there is a <br />disagreement between the insurers with respect: <br />1. Whether such damage or destruction was caused by an Accident insured <br />against by this policy or by a Peril insured against by such fire <br />insurance policy(ies) or <br />2. The extent of participation of this policy and of such fire insurance <br />policy(ies.y in a loss which is insured agains partially or wholly, by <br />any or all of said policies. <br />-his company shall, upon written request of the insured, pay to the insured one- <br />half of the amount of the loss which is in disagreement, but in no event more than <br />=iis company would hive paid if there had been no fire insurance policy(ies) in <br />effect, subject to the following conditions: <br />1. The amount of the loss which is in disagreement, after making provisions <br />for any undisputed claims payable under the said policies and after the <br />amount of the loss is agreed upon by the insured and the insurers, is <br />limited to the minimum amount remaining payable under either the boiler <br />and machinery or fire policy(ies); <br />2. The fire insurers) shall simultaneously pay to the insured on -half of <br />said amount which is in disagreement; <br />3. The payments by the insurers hereunder and acceptance of the same by the <br />insured siy:1ify t?ie of: tha insurers to submit to and proceed <br />with arbitration within 90 days of such payments; <br />The arbitrators shall be three in number, one of whom shall be appointed <br />by the boiler insurer and one of whom shall be appointed by the fire <br />insurer (s) and the third appointed by consent of the other two, and the <br />decision by the arbitrators shall be binding on the insurers and that <br />judgement upon such award may be entered in any cnurt of competent <br />jurisdiction; <br />4. The insured agrees to cooperate in connection with such arhitcaticn but <br />not to intervene therein; <br />5. The provisions of this endorsement shall not apply unless such other <br />policy(ies) issued by the fire insurance company(ies) is similarly <br />endorsed; and <br />6. Acceptance by the insured of sums paid pursuant to the provisions of this <br />endorsement including an arbitration award, shall not operate to alter, <br />waive, surrender or in any way effect the rights of the insured against <br />any of the insurers. <br />-9- <br />
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