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Bid No. 86-1
<br /> Contract No . IOA514
<br /> Page 18 of 48
<br /> Railroad.(All RR's) (Cont'd)
<br /> 3.4-W.-
<br /> 1L Payment of-Loss; Coverage.0--The company may pay for the loss..in,
<br /> money but there. shall be no abandonment of the damaged, property to the
<br /> company.
<br /> 12 No� Benefit= tot BaSlee,- Coverage,- O.—The. insurance- afforded by- this
<br /> Polley-shall not.inure directly or indirectly, to the benefit of any carrier or
<br /> bailee, other than thenamed insured, liable-for loss to the property..
<br /> 11. Oubrogatioa.In the event of. any payment under.- this: policy, the
<br /> company shall be-subrogated to.all the i*+snred's:rights of recovery therefor-
<br /> against.
<br /> hereforagainst.any person:.or organization and.the insured shall execute and deliver
<br /> instruments and papers.and do whatever else is necessary to secure such rights..
<br /> The insured.shall do nothing,after loss to.prejudice such rights.
<br /> 19.,Application, of: Juyuran ce, The; insurance afforded by this policy is.
<br /> primary'insurance:.
<br /> 15., Tbreei.Year Policy-,---A policy period of three. years is. comprised of
<br /> three: eonseeutive- annual periods. Computation and, adjustment: of earned-
<br /> premium,
<br /> arnedpremium shall be made:at.the-end of:each.annual period. Aggregate-limits of
<br /> Uability as stated in this.policy shall. apply separately to-eachannual. period..
<br /> 18:. Obangea.•--Notice. to,any agent or knowledge, possessed by any agent.
<br /> or by any other person shall not effect a:waiver or-a. change in.any part of
<br /> this=policy or estop the company from asserting any right under the terms
<br /> of this:policy; nor shall the terms of:this,policy be waived or changed;.except
<br /> by endorsement issued to form.a,part of this-policy.
<br /> 17: Asdgmaent.—Assignment of interest.under this policy shall not bind.
<br /> th&company,until.its,consent is endorsed hereon.
<br /> 18: CamadIstion.--This,policy, may be�canceled by the: named.insured.by,
<br /> mailingto-thep company written notice.stating:whew,thereafter the cancellation.
<br /> shalL be.effective. This:policy may be:canceled,by the-company by mailing:to
<br /> the.famed,insured, Contractor and- governmental authority at the,respective
<br /> addressea�shown. ia-this policy writtem notice stating-when, not:least than 30`
<br /> days, thereafter such cancellation- shall be effective. The. mailing of notice
<br /> as aforesaid shall be,suffeient proof of notice. The-effective,date and hour of
<br /> cancellation:stated in the- notice shall become the end of the policy period.
<br /> Delivery of such written notice either-by the named insured or by the company
<br /> shall be,equivalent to mailing: ,
<br /> If thenamed.insured cancels, earned premium shall be,computed in accord
<br /> ante with the. customary short rate, table and procedure. If the: company
<br /> cancels;, earned premium shall be computed pro rata. Premium- adjustment
<br /> may be,made:either-at.the time.cancellation,is.effected or as.soom as.praetiea-
<br /> ble•after cancellation. becomes,effective,.but payment or tender of unearned.
<br /> premium.is not a,condition•of.cancellation.
<br /> 19: Dealaratioa:By-acceptance-of this,policy the named insured agreesK
<br /> that;such statements,in the- declarations as.are, made by him. are- his--agree-
<br /> ments and representations, that this.policy is issued.in-reliance-upoil.the truth
<br /> of-such.representations:and that,this policy-embodies,all agreements-existing:
<br /> between himself and the company, or any-of its agents relating to this in-
<br /> surance:
<br /> In,witness,whereof; the: Insurance Company has caused.this
<br /> policy to be,signed by its president-and a secretary at-------- and counter-
<br /> signed.on the declarations.page by a duly authorized agent of the company.
<br /> (Facsimile of. Signature.) (Facsimile of: Signature)
<br /> ---- Secretary-..-�_..._..__ -- President
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<br /> rat 17181: 76660--600 3-68 lm
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