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Copyright, 2013 Selective Insurance Company of America. All rights reserved. CM 71 05 07 13 <br />Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 14 of 15 <br />(c) Premium Adjustment. <br />(I) When the Annual Premium Adjust- <br />ment Period is shown in the <br />Declarations, we will compare the <br />total computed premium to the <br />Deposit Premium. If it is more than <br />the Deposit Premium, you will pay <br />us the difference. If it is less than <br />the Deposit Premium, we will pay <br />you the difference. <br />(II) When any other Premium Adjust- <br />ment Period is shown in the <br />Declarations, we will apply the <br />computed premium to the Deposit <br />Premium until it is used up. You <br />will pay us all premiums that <br />exceed the Deposit Premium. <br />(d) Minimum Premium. <br />You must pay at least the minimum <br />annual premium shown in the Dec- <br />larations. <br />(e) Cancellation. <br />If this coverage is cancelled, you will <br />report the amount of the Premium <br />Base as of the date of cancellation. We <br />will compute the premium for less than <br />a full adjustment period on a pro rata <br />basis. <br />F. Optional Coverages <br />1. Flood <br />If a Limit of Insurance applicable to “Flood” is <br />shown in the Declarations, Exclusion 1.e. of <br />Section B. EXCLUSIONS does not apply to <br />loss or damage by “flood” up to the “Flood” <br />Limit of Insurance shown in the Declarations. <br />The “Flood” Deductible shown in the Dec- <br />larations will apply to each loss or damage <br />caused by or resulting from “flood”. <br />2. Earthquake <br />If a Limit of Insurance applicable to “Earth- <br />quake” is shown in the Declarations, Exclusion <br />1.b. of Section B. EXCLUSIONS does not <br />apply to loss or damage by “earthquake” up to <br />the “Earthquake” Limit of Insurance shown in <br />the Declarations. <br />All “earthquake” shocks or volcanic eruptions <br />that occur within any 72-hour period will <br />constitute a single occurrence. The expiration <br />of this policy will not reduce the 72-hour period. <br />The “Earthquake” Deductible shown in the <br />Declarations will apply to each loss or damage <br />caused by or resulting from “earthquake”. <br />G. DEFINITIONS <br />1. “Basic Green Standards” means the first level <br />or least rigorous level of the grading or <br />evaluation systems applied to a building, <br />structure, or commercial interior by a “green <br />standards organization”. <br />2. “Completed value” means the finished value of <br />the Covered Property at the date of completed <br />construction, including labor, reasonable profit <br />and delivery charges. <br />3. “Earthquake” means any earth movement, <br />such as earthquake, landslide, mudflow or <br />earth sinking, rising or shifting. <br />4. “Flood” means flood, surface water, waves <br />(including tidal waves and tsunami), tides, tidal <br />water, overflow of any body of water, or their <br />spray, all whether or not driven by wind <br />(including storm surge); or mudslide or <br />mudflow. <br />5. “Fungus” means any type or form of fungus, <br />including mold or mildew, and any mycotoxins, <br />spores, scents or by-products produced or <br />released by fungi. <br />6. “Green” means building materials, compo- <br />nents, products, equipment; and construction <br />and design methods and technologies which <br />reduce environmental impact through conser- <br />vation of energy, water and other natural <br />resources. This includes creation of less toxic <br />and cleaner buildings and surrounding environ- <br />ment. <br />7. “Green Standards Organization” means an <br />industry recognized authority on “green” <br />including: <br />a. The United States Green Building Council <br />(USGBC) with its Leadership in Energy <br />and Environmental Development (LEED® <br />grading system); <br />b. The Green Building Initiative with its Green <br />Globes® assessment and rating system; <br />c. The United States Department of Energy <br />and Environmental Protection Agency’s <br />“Energy Star®” requirements; and <br />d. Other building site use and development, <br />water saving, energy efficiency, materials, <br />equipment, appliances or other environ- <br />mental quality designed and maintained <br />standards. <br />8. “Job site” means the premises described in the <br />Declarations where the Covered property will <br />be permanently located at completion of the <br />construction, erection or fabrication. <br />Docusign Envelope ID: 186E0FF8-664C-4A5C-9F97-28196CE69FD1