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b. If one Limit of Insurance applies to two or (2) Submits a signed, sworn proof of loss more separate items, this condition will within 60 days after receiving notice apply to the total of all property to which the from us of your failure to do so; and limit applies. (3) Has notified us of any change in ownership, occupancy or substantial Example 3 change in risk known to the When: The value of the property is: mortgageholder. Building at Location 1: $75,000 All of the terms of this Coverage Part will Building at Location 2: $100,000then apply directly to the mortgageholder. Personal Property e. If we pay the mortgageholder for any loss at Location 2: $75,000 or damage and deny payment to you because of your acts or because you have $250,000 failed to comply with the terms of this The Coinsurance percentage Coverage Part: for it is: 90% (1) The mortgageholder's rights under the The Limit of Insurance for mortgage will be transferred to us to the Buildings and Personal Property extent of the amount we pay; and at Locations 1 and 2 is: $180,000 (2) The mortgageholder's right to recover The Deductible is: $1,000 the full amount of the mortgageholder's The amount of loss is: claim will not be impaired. Building at Location 2: $30,000 At our option, we may pay to the Personal Property mortgageholder the whole principal on the at Location 2: $20,000 mortgage plus any accrued interest. In this event, your mortgage and note will be $50,000 transferred to us and you will pay your Step (1): $250,000 x 90% = $225,000 remaining mortgage debt to us. (the minimum amount of insurance to f. If we cancel this policy, we will give written meet your Coinsurance requirements notice to the mortgageholder at least: and to avoid the penalty shown below) (1) 10 days before the effective date of Step (2): $180,000 ø $225,000 = .80 cancellation if we cancel for your Step (3): $50,000 x .80 = $40,000 nonpayment of premium; or Step (4): $40,000 – $1,000 = $39,000 (2) 30 days before the effective date of We will pay no more than $39,000. The remaining cancellation if we cancel for any other $11,000 is not covered. reason. 2. Mortgageholders g. If we elect not to renew this policy, we will give written notice to the mortgageholder at a. The term mortgageholder includes trustee. least 10 days before the expiration date of b. We will pay for covered loss of or damage this policy. to buildings or structures to each G. Optional Coverages mortgageholder shown in the Declarations in their order of precedence, as interests If shown as applicable in the Declarations, the may appear. following Optional Coverages apply separately to each item: c. The mortgageholder has the right to receive loss payment even if the mortgageholder 1. Agreed Value has started foreclosure or similar action on a. The Additional Condition, Coinsurance, the building or structure. does not apply to Covered Property to d. If we deny your claim because of your acts which this Optional Coverage applies. We or because you have failed to comply with will pay no more for loss of or damage to the terms of this Coverage Part, the that property than the proportion that the mortgageholder will still have the right to Limit of Insurance under this Coverage Part receive loss payment if the mortgageholder: for the property bears to the Agreed Value shown for it in the Declarations. (1) Pays any premium due under this Coverage Part at our request if you have failed to do so; Page 14 of 16 © Insurance Services Office, Inc.,2011 CP 00 10 10 12