This policy is
extended to cover real and personal property constructed, acquired, purchased or leased
within the countries already covered in the program as listed in the
Declarations Section (Article 1.3), and in any other countries subject to the
Territory clause (Section 2 – Article 2.5).
while under the care, custody or control of the Insured. The coverage will be granted subject to all
terms and conditions of the policy.
Coverage under this
newly acquired property provision shall commence when the insured first
acquires an insurable interest at the location and shall cease one hundred and
twenty (120) days from the date of such
acquisition, or when reported to and accepted by the insurer, or on the
expiration date of this policy, whichever shall occur first.
No coverage is
provided under this provision on property while in transit or waterborne, nor
while on the location of any exhibition, exposition, fair or trade show.
Structures and their
contents extending from land or shore, floating docks and floating equipment
permanently moored to dock, river bank or shore are not considered as
“waterborne”.
This provision shall
not be construed as providing coverage at locations scheduled or otherwise
insured herein.
This newly acquired
property provision shall not apply to provide Business Interruption coverage
for any newly acquired location which is in course of construction. (Advanced
Loss of Profit).
This newly acquired
property provision shall not increase any amounts or limits of insurance
provided by this policy.
Liability for loss
under this newly acquired property provision arising out of one occurrence
shall not exceed the amount stated under the Declarations.