2025-232-E-AMS-Harrod and Assoc. Constructors-OC Health Department Improvements

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Copyright, 2013 Selective Insurance Company of America. All rights reserved. CM 71 05 07 13 Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 13 of 15 d. LOSS PAYABLE For Covered Property in which both you and a Loss Payee shown on the Loss Payee Schedule have an insurable interest, we will: (1) Adjust losses or damages with you; and (2) Pay any claim for loss or damage jointly to you and the Loss Payee, as interests may appear. e. WHEN COVERAGE WILL END The insurance provided by this Coverage Form will end when one of the following first occurs: (1) This policy expires or is cancelled; (2) The property is accepted by the owner or buyer; (3) Your interest in the property ceases; (4) You abandon the construction with no intention to complete it; or (5) Unless we specify otherwise in writing: (a) 90 days after construction is complete; or (b) 60 days after any building described in the Declarations is: (I) Occupied in whole or in part; or (II) Put to its intended use for other than testing purposes. f. PROVISIONAL LIMIT OF INSURANCE The Limit of Insurance at the “job site” is provisional. The actual Limit of Insurance on any date during the policy term is the smaller of the following amounts: (1) The proportion of the Limit of Insurance that the actual value of the Covered Property on that date bears to the “com- pleted value” of the Covered Property; or (2) The Limit of Insurance at the “job site”. g. ADDITIONAL INSUREDS We agree to include as additional Insureds the owner(s), general contractor(s), subcontrac- tor(s) and sub-subcontractor(s) whom you have agreed in a written contract, written agreement or written permit to add as an additional Insured on your policy, but only to the extent of their financial interest in the Covered Property loss or damage, if any, arising under this condition, shall be adjusted with and paid to you. h. REPORTS AND PREMIUM (1) Reports. (a) Reporting Requirements. Within 30 days after the end of each reporting period shown in the Declara- tions, you will report to us the amount of the Premium Base shown in the Declarations. (b) Failure to Submit Reports. If as of the time of loss or damage you have failed to submit the required reports: (I) Our liability will not exceed the amounts included in your last report; or (II) If you have not submitted any reports, our liability will be limited to no more than 90% of the amount for which we should otherwise be liable. (c) Reports in Excess of Limits of Insurance. Although the total amount reported will be used in calculating earned pre- mium, we will not pay more than the applicable Limit of Insurance stated in the Declarations. (d) Full Reporting. If your last report before any loss or damage is for less than the total amount required to be reported, the COINSURANCE Additional Condition is replaced by the following: We will pay only that proportion of the loss or damage that the amounts you reported bear to the actual total amount as of the last report. (2) Rates and Premium. (a) Deposit Premium. The Deposit Premium charged at the inception of each policy year is an advance premium. We will determine the earned premium for this insurance based on your reports. (b) Premium Computation. We will compute the premium: (I) Using the rates and Premium Base shown in the Declarations; and (II) As of each Premium Adjustment Period shown in the Declarations. Docusign Envelope ID: 186E0FF8-664C-4A5C-9F97-28196CE69FD1