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Inland Marine F. OTHER INSURANCE GENERAL CONDITIONS If you have other insurance covering the same A. CONCEALMENT, MISREPRESENTATION OR ÐlossÑ as the insurance under this Coverage Part, FRAUD we will pay only the excess over what you should This Coverage Part is void in any case of fraud, have received from the other insurance. We will intentional concealment or misrepresentation of a pay the excess whether you can collect on the material fact, by you or any other insured, at any other insurance or not. time, concerning: G. PAIR, SETS OF PARTS 1. This Coverage Part; 2. The Covered Property; 1. Pair or Set. In case of ÐlossÑ to any part of a 3. Your interest in the Covered Property; or pair or set we may: 4. A claim under this Coverage Part. a. Repair or replace any part to restore the pair or set to its value before the ÐlossÑ; or B. LEGAL ACTION AGAINST US b. Pay the difference between the value of the No one may bring a legal action against us under pair or set before and after the Ðloss.Ñ this Coverage Part unless: 1. There has been full compliance with all the 2. Parts. In case of ÐlossÑ to any part of Covered terms of this Coverage Part; and Property consisting of several parts when 2. The action is brought within 2 years after you complete, we will pay only for the value of the first have knowledge of the Ðloss.Ñ lost or damaged part. C. NO BENEFIT TO BAILEE H. PRIVILEGE TO ADJUST WITH OWNER No person or organization, other than you, having In the event of ÐlossÑ involving property of others in custody of Covered Property, will benefit from this your care, custody or control, we have the right to: insurance. 1. Settle the ÐlossÑ with the owners of the property. D. POLICY PERIOD A receipt for payment from the owners of that property will satisfy any claim of yours. We cover ÐlossÑ commencing during the policy 2. Provide a defense for legal proceedings period shown in the Declarations. brought against you. If provided, the expense E. VALUATION of this defense will be at our cost and will not reduce the applicable Limit of Insurance under The value of property will be the least of the this insurance. following amounts: 1. The actual cash value of that property; I. RECOVERIES 2. The cost of reasonably restoring that property Any recovery or salvage on a ÐlossÑ will accrue to its condition immediately before ÐlossÑ; or entirely to our benefit until the sum paid by us has 3. The cost of replacing that property with been made up. substantially identical property. J. REINSTATEMENT OF LIMIT AFTER LOSS In the event of ÐlossÑ the value of property will be determined as of the time of Ðloss.Ñ The Limit of Insurance will not be reduced by the payment of any claim, except for total loss of a F. LIBERALIZATION scheduled item, in which event we will refund the If we adopt any revision which would broaden the unearned premium on that item. coverage under this Coverage Part without K. TRANSFER OF RIGHTS OF RECOVERY additional premium within 60 days prior to or during AGAINST OTHERS TO US the policy period, the broadened coverage will immediately apply to this Coverage Part. If any person or organization to or for whom we make payment under this insurance has rights to G. SUBSTITUTION OF TERMS recover damages from another, those rights are In any Inland Marine Coverage Forms attached, transferred to us. That person or organization must wherever the word ÐpolicyÑ appears in the Insuring do everything necessary to secure our rights and Agreement, Exclusions, Conditions or Definitions, must do nothing after ÐlossÑ to impair them. the term ÐCoverage PartÑ is substituted. If any act or agreement of yours before or after loss impairs your right to recover from others, we will not cover the loss, nor will we cover any loss which you settle or compromise without our written consent. S5003(7/96) Page 2 of 2