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PPB 101 01 22 Contains copyrighted material of Insurance Services Office, Inc. Page 3 of 49
<br />c. For loss or damage by theft, the following types
<br />of property are covered only up to the limits
<br />shown:
<br />(1) $2,500 for furs, fur garments and garments
<br />trimmed with fur.
<br />(2) $2,500 for jewelry, watches, watch move-
<br />ments, jewels, pearls, precious and
<br />semiprecious stones, bullion, gold, silver,
<br />platinum and other precious alloys or
<br />metals. This limit does not apply to jewelry
<br />and watches worth $100 or less per item.
<br />(3) $2,500 for patterns, dies, molds and forms.
<br />5. Additional Coverages
<br />a. Debris Removal
<br />(1) Subject to Paragraphs (3) and (4), we will
<br />pay your expense to remove debris of
<br />Covered Property caused by or resulting
<br />from a Covered Cause of Loss that occurs
<br />during the policy period. The expenses will
<br />be paid only if they are reported to us in
<br />writing within one hundred eighty (180)
<br />days of the date of direct physical loss or
<br />damage.
<br />(2) Debris Removal does not apply to costs to:
<br />(a) Extract "pollutants" from land or water;
<br />or
<br />(b) Remove, restore or replace polluted
<br />land or water.
<br />(3) Subject to the exceptions in Paragraph (4),
<br />the following provisions apply:
<br />(a) The most that we will pay for the total
<br />of direct physical loss or damage plus
<br />debris removal expense is the Limit of
<br />Insurance applicable to the Covered
<br />Property that has sustained loss or
<br />damage.
<br />(b) Subject to Paragraph (a) above, the
<br />amount we will pay for debris removal
<br />expense is limited to twenty-five
<br />percent (25%) of the sum of the
<br />deductible plus the amount that we
<br />pay for direct physical loss or damage
<br />to the Covered Property that has
<br />sustained loss or damage.
<br />(4) We will pay up to an additional $25,000 for
<br />debris removal expense, for each location,
<br />in any one occurrence of physical loss or
<br />damage to Covered Property, if one or
<br />both of the following circumstances apply:
<br />(a) The total of the actual debris removal
<br />expense plus the amount we pay for
<br />direct physical loss or damage ex-
<br />ceeds the Limit of Insurance on the
<br />Covered Property that has sustained
<br />loss or damage.
<br />(b) The actual debris removal expense
<br />exceeds twenty-five percent (25%) of
<br />the sum of the deductible plus the
<br />amount that we pay for direct physical
<br />loss or damage to the Covered
<br />Property that has sustained loss or
<br />damage.
<br />Therefore, if Paragraphs (4)(a) and/or
<br />(4)(b) apply, our total payment for direct
<br />physical loss or damage and debris re-
<br />moval expense may reach but will never
<br />exceed the Limit of Insurance on the
<br />Covered Property that has sustained loss
<br />or damage, plus $25,000.
<br />(5) Examples
<br />Example #1
<br />Limit of Insurance $ 90,000
<br />Amount of Deductible $ 500
<br />Amount of Loss $ 50,000
<br />Amount of Loss Payable $ 49,500
<br />($50,000 – $500)
<br />Debris Removal Expense $ 10,000
<br />Debris Removal Expense Payable $ 10,000
<br />($10,000 is 20% of $50,000)
<br />The debris removal expense is less than
<br />twenty-five percent (25%) of the sum of the
<br />loss payable plus the deductible. The sum
<br />of the loss payable and the debris removal
<br />expense ($49,500 + $10,000 = $59,500) is
<br />less than the Limit of Insurance. Therefore
<br />the full amount of debris removal expense
<br />is payable in accordance with the terms of
<br />Paragraph (3).
<br />Example #2
<br />Limit of Insurance $ 90,000
<br />Amount of Deductible $ 500
<br />Amount of Loss $ 80,000
<br />Amount of Loss Payable $ 79,500
<br />($80,000 – $500)
<br />Debris Removal Expense $ 30,000
<br />Debris Removal Expense Payable
<br />Basic Amount $ 10,500
<br />Additional Amount $ 19,500
<br />Exhibit B
<br />Docusign Envelope ID: 7D12103B-E5DC-46A2-B6BA-3BD5268ECDA5
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