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THE <br />HARTFORD <br />(8) The value of United States Government Internal Revenue taxes and custom duties and refundable state <br />and local taxes paid or fully determined on the following property held for sale will not be considered in <br />determining the value of Covered Property: <br />(a) Distilled spirits; <br />(b) Wines; <br />(c) Rectified products; or <br />(d) Beer. <br />(9) "Stock" you have sold but not delivered at the selling price less discounts and expenses you otherwise <br />would have had. <br />(10)Applicable to accounts receivable: <br />(a) If you cannot accurately establish the amount of the accounts receivable outstanding as of the time of <br />physical loss or physical damage the following method will be used: <br />(i) Determine the total of the average monthly value of accounts receivable for 12 months <br />immediately preceding the month in which the direct physical loss or physical damage occurred; <br />and <br />(ii) Adjust the total determined in paragraph (i) above for any normal fluctuations in the value of <br />accounts receivable for the month in which the direct physical loss or physical damage occurred <br />for any demonstrated variance from the average of that month. <br />(b) The following will be deducted from the total value of accounts receivable, however that value is <br />established: <br />(i) The value of the accounts for which there is no physical loss or physical damage; <br />(ii) The value of the accounts that you are able to re-establish or collect; <br />(iii) A value to allow for probable bad debts that you are normally unable to collect; and <br />(iv) All unearned interest and services charged. <br />e. Our payment for physical loss of or physical damage to personal property of others will only be for the <br />account of the owners of the property. We may adjust losses with the owners of lost or damaged property if <br />other than you. If we pay the owners, such payment will satisfy your claims against us for the owners' <br />property. <br />We will not pay the owners more than their financial interest in the Covered Property. <br />f. We may elect to defend you against "suits" arising from claims of owners of property. We will do this at our <br />expense. <br />g. We will pay for covered loss or damage within 30 days after we receive the sworn statement of loss, if you <br />have complied with all the terms of this Policy, and: <br />(1) We have reached agreement with you on the amount of loss, or <br />(2) An appraisal award has been made. <br />h. A party wall is a wall that separates and is common to adjoining buildings that are owned by different parties. <br />In settling covered losses involving a party wall, we will pay a proportion of the loss to the party wall based on <br />your interest in the wall in proportion to the interest of the owner of the adjoining building. However, if you <br />elect to repair or replace your building and the owner of the adjoining building elects not to repair or replace <br />that building, we will pay you the full value of the loss to the party wall, subject to all applicable Policy <br />provisions including Limits of Insurance and all other provisions of this Loss Payment Condition. Our payment <br />under the provisions of this paragraph does not alter any right of subrogation we may have against any entity, <br />including the owner or insurer of the adjoining building, and does not alter the terms of Paragraph F.6., <br />Transfer Of Rights of Recovery Against Others To Us. <br />6. Recovered Property <br />If either you or we recover any property after loss settlement, that party must give the other prompt notice. At your <br />option, you may retain the property. But then you must return to us the amount we paid to you for the property. <br />Form SP 00 00 10 18 <br />© 2018, The Hartford <br />(May include copyrighted material of Insurance Services Office, Inc., with its <br />cF RA ManVmad DMsian <br />ke/ 1'x REVIEWED & APPROVED BY.- <br />V"° <br />--� Risk janagement Analyst <br />