Policy Builders Risk Property Insurance All Risks Form

Transcription

1 Policy Builders Risk Property Insurance All Risks Form ENCON Group Inc Blair Place Ottawa, Ontario K1J 9B8 Telephone Facsimile Toll Free PROPERTY INSURED This policy, except as herein provided, insures: (a) property in course of construction, installation, reconstruction or repair: owned by the Insured; In no event shall insurance provided by this clause serve to increase the limit of liability for property at other locations or in transit, as indicated in the Declarations. These limits shall include the costs of such debris removal. This extension shall not insure any costs or expenses to: (ii) owned by others for which the Insured is responsible, provided that the value of such property is included in the amount insured; all to enter into and form part of the completed project including expendable materials and supplies not otherwise excluded necessary to complete the project described in Item 4 of the Declarations; (b) temporary buildings, scaffolding, falsework, forms hoardings and similar work, provided that the value of these is included in the amount insured and separately declared on the application for this insurance. This property is insured only to the extent that replacement or restoration is necessary to complete the insured project; (c) excavation, site preparation, landscaping and similar work but only if these are performed to complete the insured project and provided the value of these is included in the amount insured. This property is insured only to the extent that replacement or restoration is necessary to complete the insured project; (d) expenses incurred in the removal from the construction site, and from surrounding properties, of debris of the property insured occasioned by loss, destruction or damage to such property, subject to the policy limit shown in the Declarations, and shall not be deemed to increase that policy limit; and expenses incurred in the removal of debris or other property which is not insured herein but which has been blown by windstorm upon the construction site. If off site coverage is provided by the policy, coverage is extended to the cost of removing debris of insured property damaged by a risk insured from such additional locations, and with respect to property in transit, from the site of the accident provided such site is on land. BRE-CHOICE of 8 extract contaminants or pollutants from the debris, land, water or atmosphere; (ii) remove, restore or replace contaminated or polluted land or water; (iii) remove or transport any property or debris to a site for storage or decontamination, required because the property or debris is affected by pollutants or contaminants, whether or not such removal, transport or decontamination is required by law or regulation; (e) property undergoing site preparation, demolition, construction, reconstruction, fabrication, installation, erection, repair or testing (hereinafter called the construction operations ) while at the risk of the Insured and while at the location of the insured project, provided the value thereof is included in the declared Estimated Insured Values of the project; (f) property consisting principally of temporary utilities and facilities, including but not limited to power supply, equipment, water supply systems, sanitary and first aid equipment, fire protection equipment, job site field offices (but excluding the contents thereof unless included in Item (a) or (b) above), and other property of a similar nature which is not incorporated into the project but which is necessary to complete the construction operations, provided the value thereof is included in the declared estimated values of the insured project. 2. LIMITS OF LIABILITY This policy insures in the amounts stated in Item 7 (a), (b) and (c) of the Declarations. The liability of the Insurer in any one loss, casualty or disaster shall be limited to the proportion of any loss or damage, including salvage charges and other expenses, which the sum insured under this policy bears to the total

2 amount of insurance and in no event shall exceed the same proportion of each of the Limits of Liability in any such loss, casualty or disaster. Limits of Liability for all insurance are as stated in Item 7 of the Declarations, provided always, however, that the total liability under this policy for loss, destruction or damage to property and for removal of debris, shall neither exceed the amount of insurance nor the applicable limit of liability. If during the policy period, the actual value of the insured project increases, without material change in the scope of the work, then the Limit of Insurance at the site indicated in Item 7 (a) of the Declarations of this policy, excluding the value of any property insured under this policy not included in the contract price, shall be increased accordingly, but in no event to exceed 110% of the original Estimated Insured Value. This clause does not apply to any insurance for Soft Costs or Delayed Opening endorsed hereon. 3. DEDUCTIBLE The Insurer is liable for the amount by which the loss or damage caused by any of the perils insured against exceeds the amount of the deductible specified in the Declarations in any one occurrence. Should one occurrence give rise to the application of more than one deductible, only the largest individual deductible amount shall apply. However, if an occurrence involves Delayed Opening Coverage, the separate deductible stated in the Delayed Opening Endorsement shall also apply in addition to the deductible stated in the Declarations. 4. PERILS INSURED This policy, except as herein provided, insures against all risks of direct physical loss of or damage to the Property Insured. 5. PARTICULARS OF PROJECT As per Item 4 stated in the Declarations. 6. ESTIMATED INSURED VALUE As per Item 9 stated in the Declarations. 7. SCOPE OF COVERAGE (a) This insurance attaches, within the policy period, when the property becomes at the Insured s risk after being unloaded at and while on the construction site, provided such site is located entirely in Canada. (b) If a limit of liability is stated in Item 7 (b) of the Declarations, insurance is provided, subject to such limit, anywhere in Canada or the continental United States excluding Alaska, only with respect to property to enter into and form part of the completed project described in clause 4 but excluding such property while in transit, or while being manufactured or undergoing any process. such limit, from the commencement of loading at the original point of shipment anywhere in Canada or the continental United States excluding Alaska, until the completion of unloading at the site of construction, or elsewhere except while in any building used for manufacturing or processing. (d) This policy ceases to insure the project when the insured project is formally accepted by the owner as being complete, or upon termination/expiry of this insurance, whichever first occurs. 8. PROPERTY EXCLUDED This policy does not insure loss of or damage to: (a) property: while waterborne, from the commencement of loading until completion of discharge, except while on a ferry, railway car or transfer barge, all in connection with land transportation; (ii) while insured under an ocean cargo policy; (iii) while aboard or being transported by any aircraft; (b) contractor s tools and equipment, including spare parts and accessories, whether owned, loaned, hired or leased, other than property specified in clause 1 (b); (c) money, books of account, securities for money, evidences of debt or title, automobiles, tractors, and other motor vehicles, aircraft or watercraft. 9. PERILS EXCLUDED This policy does not insure: (a) the cost of making good: faulty or improper material; (ii) faulty or improper workmanship; (iii) faulty or improper design; unless physical damage not otherwise excluded by this policy results, in which event this policy shall insure such resultant damage ; (b) loss or damage, unless directly caused by peril not otherwise excluded herein, caused directly or indirectly by rust or corrosion; (c) loss or damage, unless directly caused by peril not otherwise excluded herein, caused directly or indirectly by frost or freezing, except that this exclusion shall apply only to that particular part or parts of property insured hereunder which have evidenced direct physical damage as a result of frost or freezing; (c) If a limit of liability is stated in Item 7 (c) of the Declarations, insurance is provided subject to BRE-CHOICE of 8

3 (d) loss or damage caused by electric or magnetic injury, disturbance or erasure of electronic recordings, except by lightning; (e) loss or damage caused directly or indirectly by mechanical or electrical breakdown or derangement provided however, to the extent otherwise insured and not otherwise excluded under this policy, resultant damage to the property shall be insured; (f) loss or damage caused directly or indirectly by earthquake, except: ensuing damage which results from fire, explosion, smoke or leakage from fire protective equipment ; or (ii) while the property is in due course of transit, if a limit is provided under Item 7 (c) of the Declarations; (g) loss or damage caused directly or indirectly by flood, and the word flood means waves, tides, tidal waves, and the rising of, the breaking out or the overflow of, any body of water, whether natural or man-made; but this exclusion does not apply to loss or damage: caused by escape of water from an elevated water tank maintained on the premises for firefighting purposes; or (ii) occurring while the property is in due course of transit, if a limit is provided under Item 7 (c) of the Declarations; (iii) resulting from ensuing fire, explosion or smoke; (h) theft by an employee, officer or agent of the Insured or other party of interest, or any person to whom the property is entrusted (bailees for hire excepted); (j) any loss or shortage disclosed on taking inventory or making appraisal or any mysterious disappearance; loss or damage caused directly or indirectly by cessation of work or by interruption of construction, unless directly caused by a peril otherwise insured and not otherwise excluded under this policy; form, resultant damage to the property is insured; (n) loss directly or indirectly, approximately or remotely, arising in consequence of or contributed to by the enforcement of any by-law, regulation, ordinance or law regulating zoning or the demolition, repair or construction of buildings or structures, which by-law, regulation, ordinance or law make it impossible to repair or reinstate the property as it was immediately prior to the loss; (o) loss or damage caused directly or indirectly by war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection or military power; (p) loss or damage caused directly or indirectly by any actual or alleged spill, discharge, emission, dispersal, seepage, leakage, migration, release or escape of pollutants, nor the cost or expense of any resulting cleanup, but this does not apply: (a) if the spill, discharge, emission, dispersal, seepage, leakage, migration, release or escape of pollutants is the direct result of a peril not otherwise excluded under this form; (b) to loss or damage caused directly by a peril not otherwise excluded under this form; (ii) cost or expense for any testing, monitoring, evaluating or assessing of an actual, alleged, potential or threatened spill, discharge, emission, dispersal, seepage, leakage, migration, release or escape of pollutants ; (q) loss or damage caused directly or indirectly by: any nuclear incident as defined in the Nuclear Liability Act or any other nuclear liability act, law or statute, or any law amendatory thereof or nuclear explosion, except for ensuing loss or damage which results directly from fire, lightning or explosion of natural, coal or manufactured gas; (ii) contamination by radioactive material; (k) any loss of use or occupancy however caused; (l) penalties or liquidated damages for noncompletion of or delay in completion of contract or non-compliance with contract conditions or costs incurred solely in an effort to eliminate or reduce penalties or liquidated damages for which the Insured may be contractually liable; (r) loss or damage caused by: erasure, destruction, corruption, misappropriation misrepresentation of data ; (ii) erroneously creating, amending, entering, deleting or using data ; (m) wear and tear, gradual deterioration, maintenance and repair, latent defect or inherent vice, provided, however, to the extent otherwise insured and not otherwise excluded under this (s) including any loss of use therefrom; loss or damage consisting of or caused directly or indirectly, in whole or in part, by BRE-CHOICE of 8

4 (t) any fungi or spores. This exclusion does not apply: (a) if the fungi or spores are directly caused by a peril not otherwise excluded in this policy; or (b) to loss or damage caused directly by a resultant peril not otherwise excluded in this policy; (ii) the cost or expense for any testing, monitoring, evaluating or assessing of fungi, or spores ; loss or damage caused by or arising from: asbestos material removal; (ii) demolition or increased cost of reconstruction, repair, debris removal or loss of use necessitated by the enforcement of any law or ordinance regulating asbestos material; (iii) any government direction declaring that asbestos material present in, or part of, or utilized on any portion of the insured project must be removed or modified. 10. PREMIUM ADJUSTMENT The premium stated in this policy is provisional. Within thirty (30) days after the termination or expiration of the insurance the Insured shall report to the Insurer the actual completed contract price and the value of any property not included in such completed contract price and insured herein or in the absence of a contract price the Insured shall report the total completed value of the project. The actual premium shall be calculated from inception date of this policy on the total value so reported at the rate shown in this policy. If the premium so calculated exceeds the provisional premium, the Insured shall pay to the Insurer the amount of such excess. If such premium is less than the provisional premium, the Insurer shall refund to the Insured the amount of the difference. 11. BASIS OF SETTLEMENT Any claim for loss or damage insured hereunder shall be adjusted with the Named Insured and the measure of recovery shall be based on the cost of repairing, replacing or reinstating (whichever is the least) with new material of like kind and quality and for like occupancy, on the same site without deduction for depreciation and normal profit and overhead of insured contractors, subcontractors, and consultants provided that: (a) liability shall in no event exceed the amount actually and necessarily expended for repairs, replacement or reinstatement; and (b) liability shall in no event exceed the applicable amount of insurance specified in the Declarations of this policy. If the property is not repaired, replaced or reinstated the measure of recovery shall be the actual cash value of the property at the time of loss. Any contractor or subcontractor insured hereunder shall be entitled to recovery of the normal margin of profit on repairs, replacement or reinstatement done by an Insured or for an Insured, of property loss or damage of which is insured hereunder. This margin of profit shall not apply to materials and supplies which have not entered into construction at the time of loss. 12. WHEN LOSS PAYABLE Any loss under this policy shall be payable within thirty (30) days after completion of the proof of loss. 13. PERMISSION (a) The Insurer hereby grants permission to the Insured to immediately carry out necessary and reasonable repairs which can be undertaken by them in respect of partial damage insured herein, up to a maximum of $100,000 but not exceeding any applicable limit of liability. If insurance in respect of such repairs is provided by this policy and subject to the Deductible and any limit of liability stated in clause 2, the Insurer will reimburse the Insured for their proportion of the actual cost of such repairs. Nothing in this clause shall be deemed to have waived the requirement that notice of loss be given forthwith to the Insurer as provided by this policy. (b) The Insurer hereby grants permission for occupancy of the insured project, provided such occupancy is habitational, office, retail sales, parking purpose, or for the installation, testing and commissioning of equipment forming part of the insured project. 14. INSPECTION The Insurer shall be permitted to inspect the insured project and operations at any reasonable time during the policy period and any extension thereof. The Insurer waives no right and undertakes no responsibility by reason of such inspection or the omission thereof. 15. REINSTATEMENT Any loss hereunder shall not reduce the amount of this policy, except where this policy provides aggregate limits. 16. CANCELLATION (a) This contract may be terminated: by the Insurer giving to the first Named Insured forty-five (45) days notice of termination by registered mail, or in the event of cancellation for non-payment of premium, fifteen (15) days written notice by registered mail; (ii) by the Insured at any time on request. BRE-CHOICE of 8

5 (b) Where this contract is terminated by the Insurer: the Insurer shall refund the excess of premium actually paid by the Insured over the pro rata premium for the expired time, but in no event shall the pro rata premium for the expired time be deemed to be less than the minimum retained premium specified in the Declarations; and (ii) the refund shall accompany the notice unless the premium is subject to adjustment or determination as to amount, in which case the refund shall be made as soon as practicable. (c) Where this contract is terminated by the first Named Insured, the Insurer shall refund as soon as practicable the excess of premium actually paid by the Insured over the short rate premium for the expired time, but in no event shall the short rate premium for the expired time be deemed to be less than any minimum retained premium specified. (d) The refund may be made by money, postal or express company money order or cheque payable at par. (e) The forty-five (45) days mentioned in subcondition of clause (a) of this Condition commences to run on the day following receipt of the registered letter at the post office to which it is addressed. Proof of mailing will be sufficient proof of notice. (f) In Quebec, cancellation takes effect either fifteen (15) or forty-five (45) days after receipt of the notice at the last known address of the first Named Insured, depending upon the reason for cancellation. (g) The Insurer will mail or deliver its notice to the first Named Insured s last mailing address known to the Insurer. In this condition, the expression premium actually paid means premium actually paid by the first Named Insured to the Insurer or its broker but does not include any premium or part thereof paid to the Insurer by a broker unless actually paid to the broker by the first Named Insured. 17. SUBROGATION The Insurer, upon making payment or assuming liability therefore under this policy, shall be subrogated to all rights of recovery of the Insured against others and may bring action to enforce such rights. Notwithstanding the foregoing, all rights of subrogation are hereby waived against any corporation, firm, individual or other interest with respect to which insurance is provided by this policy. Where the net amount recovered, after deducting the costs of recovery, is not sufficient to provide a complete indemnity for the loss or damage suffered, that amount shall be divided between the Insurer and the Insured in proportion in which the loss or damage has been borne by them respectively. Any release from liability entered into by the Insured prior to loss shall not affect the right of the Insured to recover. However, the Insurer shall retain their subrogated rights against architects and engineers for their liability in the event of loss or damage caused by or resulting from any error in design or any other professional error or omission pertaining to the subject of this insurance. 18. VERIFICATION OF VALUES The Insurer or their duly appointed representative(s) shall be permitted at all reasonable times during the term of this policy or within a year after termination or expiration to inspect the property insured and to examine the Insured s books, records and such policies as relate to any property insured hereunder. This inspection or examination shall not waive nor in any manner affect any of the terms or conditions of this policy. 19. DEFINITIONS (a) Contractor shall mean any person, firm or corporation entering into a contract with or agreeing with or being requested by the owner to provide, supply or lease work, services, materials, or equipment, or any combination thereof, in connection with the insured project shown in the Declarations. Contractor shall not include consulting engineers, consulting architects, or suppliers who perform no work at the insured project location. (b) Data shall mean representations of information or concepts, in any form. (c) Fire protective equipment shall mean tanks, water mains, hydrants or valves and any other equipment whether used solely for fire protection or jointly for fire protection and for other purposes but does not include: branch piping from a joint system where such branches are used entirely for purposes other than fire protection; (ii) any water mains or appurtenances located outside of the described premises and forming a part of the public water distribution system; (iii) any pond or reservoir in which the water is impounded by a dam. (d) Fungi includes, but is not limited to, any form or type of mould, yeast, mushroom or mildew whether or not allergenic, pathogenic or toxigenic, and any substance, vapour or gas produced by, emitted from or arising out of any fungi or spores or resultant mycotoxins, allergens, or pathogens. BRE-CHOICE of 8

6 (e) Occurrence shall mean any one loss, disaster or casualty or series of losses, disasters or casualties arising out of one event. If the same event continues for a period of time, the event shall be deemed to be one occurrence. If the inception of the loss commences prior to the date of the expiration of this policy, then the Insurer will be liable for any loss incurred after the expiration of this policy if caused by such event. (b) if the Breach of Conditions occurred in any portion of the premises over which the Insured has no control. Notwithstanding anything contained elsewhere in this policy, any act or any breach of a condition of this policy by one of the parties hereby insured shall not prevent recovery by any other party hereby insured who is innocent of such act or breach. (f) Pollutants shall mean any solid, liquid, gaseous or thermal irritant or contaminant, including, but not limited to, smoke, vapour, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed. (g) Resultant damage shall mean physical damage to the insured property other than the cost of rectifying the defect or fault that caused the physical damage. The cost of rectifying the defect or fault (the cost of making good) shall be the cost which the Insured would have incurred to do so had such defect or fault been discovered immediately before the physical damage occurred and rectified at that time. (h) Spores includes, but is not limited to, one or more reproductive particles or microscopic fragments produced by, emitted from or arising out of any fungi. 20. VARIANCE Subcontractor shall mean any person, firm or corporation entering into a contract with any contractor, and (ii) any person, firm, or corporation entering into a contract derived through any such contract with a contractor to provide, supply, or lease work, services, materials, or equipment, or any combination thereof, in connection with the insured project under this policy. Subcontractor shall not include consulting engineers, consulting architects, or suppliers who perform no work at the insured project location. Where the printed conditions of this policy conflict or are held to be at variance with this wording or any typewritten parts of the policy, this wording and such typewritten parts shall in all cases be held to prevail and be binding on the Insurer. No term or condition of this policy shall be deemed to be waived in whole or in part by the Insurer unless the waiver is clearly expressed in writing by a person authorized for that purpose by the Insurer. 21. BREACH OF CONDITIONS Where a loss occurs and there has been a Breach of Condition relative to a matter before the happening of a loss, which breach would otherwise disentitle the Insured to recover under the policy, the breach shall not disentitle the Insured to recover: (a) unless the Insurer establishes that the loss was caused or contributed to by the Breach of Conditions; or 22. MORTGAGE CLAUSES The following clauses shall apply for only those loss payees having a certificate of insurance specifically stating a Mortgage Clause is applicable. (a) This insurance and every documented renewal thereof as to the interest of the Mortgagee only therein is and shall be in force notwithstanding any act, neglect, omission or misrepresentation attributable to the Mortgagor, owner or occupant of the Property Insured, including transfer of interest, any vacancy or non-occupancy, or the occupation of the property for purposes more hazardous than specified in the description of the risk; provided always that, if known, the Mortgagee shall notify forthwith the Insurer of any vacancy or non-occupancy extending beyond thirty (30) consecutive days, or of any transfer of interest or increased hazard that shall come to his knowledge; and that every increase of hazard (not permitted by the policy) shall be paid for by the Mortgagee reasonable demand from the date such hazard existed, according to the established scale of rates for the acceptance of such increased hazard, during the continuance of this insurance. (b) Whenever the Insurer shall pay the Mortgagee any loss award under this policy and claim that as to the Mortgagor or owner no liability therefore existed, it shall be legally subrogated to all rights of the Mortgagee against the Insured; but any Subrogation shall be limited to the amount of such loss payment and shall be subordinate and subject to the basic right of the Mortgagee to recover the full amount of its mortgage equity in priority to the Insurer; or the Insurer may at its option pay the Mortgagee all amounts due or to become due under the mortgage or on the security thereof, and shall thereupon receive a full assignment and transfer of the mortgage together with all securities held as collateral to the mortgage debt. (c) If there be other valid and collectible insurance upon the property with loss payable to the Mortgagee - at law or in the equity - then any amount payable thereunder shall be taken into account in determining the amount payable to the Mortgagee. (d) In the absence, inability, refusal or neglect of the Insured to give notice of loss or deliver the required proof of loss under this policy, the Mortgagee may give notice upon becoming aware of the loss and deliver as soon as practicable the proof of loss. BRE-CHOICE of 8

7 (e) The term of this Mortgage Clause coincides with the term of the policy; provided always that the Insurer reserves the right to cancel the policy as provided herein but agrees that the Insurer will neither terminate nor alter the policy to the prejudice of the Mortgagee without the notice stipulated in statutory provisions. (f) Should title or ownership to said property become vested in the Mortgagee and/or assigns as owner or purchaser under foreclosure or otherwise, this insurance shall continue until expiry or cancellation for the benefit of the said Mortgagee and/or assigns. 23. CONDITIONS (a) Liberalization Notwithstanding any exclusion to the contrary in the policy, it is agreed by the Insurer that any claim for loss or damage that would be insured by the most recent version (at the time a loss occurs) of the IBC Builders Risk Named Perils Policy shall be insured by this policy. Any claim for loss or damage covered by this clause shall be subject to the deductible and the limit of Insurance stated in the Declarations. (b) Other Insurance If, on the happening of any loss or damage to property insured by this policy there is in force any other insurance covering the same interest, this policy shall be primary insurance. This clause shall be subservient to the Property/Boiler Machinery Insurance Joint Loss Agreement. (c) Severability of Interest Coverage provided by this policy applies individually to the interest of each Insured covered by this policy and coverage shall apply in the same manner and to the same extent as though a separate policy had been issued to each Insured. Any action by any Insured that would void coverage shall not affect the coverage provided to any other Insured not privy to such action. Nonetheless, this clause shall be deemed to increase neither the Limit of Insurance stated in the Declarations, nor the amount of the loss. (d) Sue and Labour In case of loss or damage, or imminent loss or damage, it shall be lawful and necessary for the Insured, their factors, servants and assigns to sue, labour and travel for, in and about the defence, safeguard and recovery of the property insured hereunder, or any part thereof, without prejudice to this insurance, to the charges whereof the Insurer shall contribute according to the rate and quantity of the sum herein insured; nor shall the acts of the Insured or Insurer in recovering, saving and preserving the property insured in case of loss or damage be considered a waiver or an acceptance of abandonment. (e) Agency/Trustee Clause It is understood and agreed that the Named Insured who obtained this policy and paid the premium therefore did so on his own behalf and as agent or trustee for the others insured hereby, including those referred to by general description. It is further acknowledged and agreed by the Insurer as evidenced by their acceptance of the premium paid that any person, firm or corporation coming within the description of an unnamed person insured by this policy may ratify such agency or trusteeship at any time subsequent to the issuance of the policy for the purpose of entitlement to coverage granted by its terms for good consideration. (f) Bills of Lading The Insured may, without prejudice to this insurance, accept such bills of lading, receipts or contracts of carriage as are ordinarily issued by carriers, containing a limitation as to value of goods and/or merchandise, but only in connection with the insured project described in the Declarations. (g) Errors and Omissions The Insured herein is not to be prejudiced by any unintentional or inadvertent omission, error, incorrect valuation, incorrect description or deletion of the risk or interest, provided notice is given to the insurance broker of record indicated in the Declarations of this policy for transmission to the Insurer as soon as practicable on discovery of any such error or omission. (h) Miscellaneous Costs, Fees, Charges and Expenses After the occurrence of loss from any perils insured herein, this policy shall insure costs, fees and expenses incurred by or assessed against the Named Insured: (a) for the loss of or damage to foam solution, halon or any other fire extinguishing materials expended, lost or destroyed in firefighting; (b) for accountants and consultants (except Public Adjusters ) for producing and certifying particulars and details required by the Named Insured in connection with any loss reported under this policy. (ii) Whether or not there is loss or damage to property insured, the Insurer shall indemnify the Insured for any general average and salvage charges and special charges, if incurred, in accordance with the contract or affreightment or, if there be no contract of affreightment, payable in accordance with the York Antwerp Rules (1974) or in accordance with Canadian Law. BRE-CHOICE of 8

8 (j) The foregoing extensions of coverage are subject to the provisions of the Deductible and Limit of Insurance clauses cited in the Declarations, but shall not be considered in the determination of property valuation for the purpose of applying a co-insurance penalty. Arbitration If the Insured and Insurer shall fail to agree as to the amount of loss or damage, if the Insured shall elect they shall each nominate a competent, disinterested appraiser and the two so chosen shall first select a competent, disinterested umpire. The two appraisers together shall then estimate and appraise the loss, stating separately the sound values and damage and then, failing to agree, shall submit their differences to the umpire. The award in writing of any two shall determine the amount of the loss. The Insured and Insurer shall equally share the additional costs incurred to appoint the appraisers and the umpire. Additional Insureds The following are included as Additional Insureds: (a) with respect only to premises undergoing alterations, renovations, construction, reconstruction, installation or maintenance: architects, engineers, consultants, contractors, subcontractors and all trades providing services or materials to or for the Named Insured. However, architects and engineers shall not be insured for their interest in any property lost or damaged as a result of any error in design or any other professional error or omission; (b) insofar as their respective interest may appear, and at the option of the Named Insured, any third party having a definable interest in property insured herein if such interest has been acknowledged in a certificate of insurance issued by the broker of record for this policy, with a copy of such certificate to be transmitted to ENCON Group Inc. as soon as practicable. if on the date of loss, there is a valid boiler insurance (other than property) in force covering property or other insurable interest of the Insured involved in the loss; and (ii) if there is a disagreement between the Company and the boiler Insurer as to either (a) which Insurer is liable, or (b) the proportion of loss to be paid by each Insurer, then, upon the written request of the Insured, the Company shall settle the loss in accordance with the Agreement Respecting Disputed Losses between Property Insurance and Boiler & Machinery Insurance Policies of the Insurance Bureau of Canada providing the Boiler Insurer is a signatory to that agreement or has agreed in writing to be bound by its acts. (m) Statutory Conditions The Statutory Conditions, or the conditions as set out in the Civil Code of the Province of Quebec, apply to the peril of fire and, as modified or supplemented by endorsement attached, apply as policy conditions to all other perils insured by this policy. (k) No Control This policy shall not be affected or invalidated by: failure of the Insured to comply with any warranties or conditions endorsed hereon applicable to any portion of the property insured over which the Insured has no control; the acts of others over which the Insured has no control. (l) Joint Loss Agreement With respect to the insurance provided under this policy: BRE-CHOICE of 8