For an additional
premium, we insure for direct physical loss to "Structures"
caused by "mine subsidence".
The following
definitions apply to this endorsement:
1. "Mine
Subsidence", meaning the collapse of inactive
underground coal mines, abandoned before August
3. 1977, resulting in damage to a "structure"
located in Indiana and covered under this policy.
It does not include loss caused by:
a.
Earthquake or earth movement, landslide
or volcanic eruption; or
b.
Collapse of storm or sewer drains.
All
damage that is caused by: (1) a single
"mine subsidence" event, or (2) two
or more "mine subsidence" events that
are continuous shall constitute one "mine
subsidence" occurrence.
2. "Structure",
meaning a dwelling, building or ficture permanently
affixed to real property. "Structure"
does not include land, crops or other plants
or a dwelling, building, or fixture taht is owned
by a public or governmental entity.
LOSS SETTLEMENT
Losses covered
by this endorsement will be settled as follows:
|
We will pay the
smallest of the following amounts:
1. $200,000
for each "structure";
2. The
limit of liability applicable under this endorsement to the damaged
property;
3. The
actual cash value at the time of loss of the damaged proeprty; or
4. The
amount available in the Mine Subsidence Insurance Fund to reimburse
us.
DEDUCTIBLE
We will pay only that part of the loss to a
"structure" which exceeds 2% of the limit of liability
that applies to that "structure", but the amount deducted
from the loss payment on a "structure" will not be less
than $250 or more than $500. No other deductible in this policy
applies to loss covered under this endorsement.
The Earth Movement
exclusion in this policy does not apply to loss caused by "mine
subsidence".
This endorsement
does not increase the limits of liability stated in thsi policy
and does not include the cost of filling land.
All other provisions
of this policy apply.
|