Rental Condominium Units

Transcription

1 Rental Condominium Units Adjustable Coverage Contents & Improvements: $25,000 + (Adjustable) Deductible Assessment: $25,000 + (Adjustable) Contingent Coverage: $25,000 + (Adjustable) Rental Income: $54,000 + (Adjustable) Additional Coverage Included Special Loss Assessment (Property): $25,000 Special Loss Assessment (Liability): $1,000,000 General Liability: $5,000,000 Errors & Omissions: $1,000,000 Deductibles Property: $1,500 Liability: $500 Special Deductibles Water Damage, Sewer Backup & Flood: $2,500 Earthquake: 10% of the total damage ($2,500 minimum) Rental Income: 2 weeks waiting period For further information about the coverage, refer to Coverage is subject to Policy Terms, Conditions, Limitations, and Exclusions. Visit leoinsurance.ca

2 Policy Wordings BROAD FORM Words or phrases that appear in quotation marks have special meaning. Refer to Definitions in Clause 19, Indemnity Agreement 1. In the event that any of the property insured be lost or damaged by the perils insured against, the Insurer will indemnify the Insured against the direct loss so caused to an amount not exceeding whichever is the least of: (a) the actual cash value of the property at the time of loss or damage; (b) the interest of the Insured in the property; (c) the amount of insurance specified in the 'Declarations" in respect of the property lost or damaged. Provided, however, that where the insurance applies to the property of more than one person or interest, the insurer's total liability for loss sustained by ail such persons and interests shall be limited in the aggregate to the amount or amounts of insurance specified in the 'Declarations", Property Insured 2A. This Form insures the following property but only those items for which an amount of insurance is specified in the "Declarations". "BUILDING" "EQUIPMENT" "STOCK' "CONTENTS" "PROPERTY" The insurance in this Clause 2A. applies only while at the location(s) specified in the Declarations". 2B, This Form also insures the following property for which an amount of insurance is specified in the "Declarations". OFFICE CONTENTS Coverage is provided for the amount shown in the "Declarations" in any one occurrence for "Office Contents" ordinarily situated at the Insured's office(s) as described in the "Declarations" except as herein excluded or limited, the property of the Insured or of others for which the insured is liable, also tenant's improvements, meaning building improvements, alterations and betterments to the building(s) occupied by the Insured, provided that the Insured is not the owner of the building(s). It is understood and agreed that the damage to tenant's improvements shall be adjusted with the Insured.

3 TOOL FLOATER Coverage is provided for: 'Tools and Equipment' for an amount specified in the "Declarations" for Tool Floater, in any one occurrence, subject to a maximum value of insurance per tool not to exceed $1,000. The insurance in this Clause 2B. applies only while the described property is within Canada and the Continental United States of America (excluding Alaska). 2C. This Form also insures the following property for which an amount of insurance is specified in the "Declarations". TEMPORARY LOCATIONS: Coverage is provided for "Equipment" and "Stock" for the amount shown in the "'Declarations" for this coverage, other than at a specified location except while in transit, but there shall be no liability under this item at any business premises owned, rented or controlled in whole or in part by the Insured. PARCEL POST: Coverage is provided for "Equipment" and "Stock" for the amount specified in the "Declarations" for this coverage in any one package in course of transit by parcel post. OTHER TRANSIT: Coverage is provided for "Equipment"' and "Stock", in transit other than by parcel post for the amount specified in the "Declarations" for this coverage. SALES REPRESENTATIVE: Coverage is provided for "Equipment" and "Stock" for the amount specified in the "Declarations" for this coverage, whether in transit or otherwise, in the custody of a sales representative of the Insured. NEWLY ACQUIRED BUILDINGS: Coverage is provided for newly acquired buildings for the amount specified in the "Declarations" for this coverage. Coverage is automatic on the condition that notification of such acquisition shall be filed with the Insurer within 60 days of such acquisition and any additional premium required by the Insurer shall be effected from the date of acquisition. This limit is in addition to the Limit of Insurance applicable to "Building(s)". STOCK SPOILAGE - EXTENDED FORM: Coverage is extended to cover physical loss of or damage to "stock" on the "premises" caused by dampness or dryness of atmosphere or change of temperature. The dampness or dryness of atmosphere or change of temperature must be the direct result of (a) or (b) below. (a) Physical loss of or damage to "building" or "equipment", including supply or transmission lines and pipes and their connections furnishing "services', on the "premises". The physical loss or damage must directly result from a peril insured against. The part of the "building" or of the "equipment" that sustains loss or damage must be used for refrigerating, cooling, humidifying, dehumidifying, heating or for generating or converting power. (b) Interruption to the supply of "services" to the "premises'. The interruption must be caused by physical loss of or damage to apparatus that generates or supplies such "services" to the "premises". The physical loss or damage must directly result from a peril insured against. The apparatus that sustains loss or damage must be located on or within 1 kilometre of the "premises".

4 This coverage does not cover loss or damage resulting from total or partial interruption to the supply of "services" arising from: (1) loss of or damage to any electrical transmission lines or distribution lines or their supporting structures, except for those located on the "premises"; (ii) (iii) lack of sufficient capacity; or intentional reduction in supply. The maximum amount payable under this coverage for any one occurrence is the amount of insurance specified for this coverage in the "Declarations". CONTENTS AT NEWLY ACQUIRED LOCATIONS: Coverage is provided for "Contents" for the amount specified in the "Declarations" for this coverage, while at premises owned, rented or controlled by the Insured in whole or in part or in or on vehicles within '100 metres (328 feet) of such location other than those described in the "Declarations". Coverage is automatic on the condition that notification of such "Content? shall be filed with the Insurer within sixty (60) days of such acquisition and any additional premium required by the Insurer shall be effected from the date of acquisition. This limit is in addition to the Amount of Insurance applicable to "Contents". The insurance in this Clause 2C. applies only while the described property is within Canada and the Continental United States of America (excluding Alaska). Deductible 3. 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 amount for any one "premises", only the largest individual deductible amount shall apply. Co-insurance 4. This clause applies separately to each item for which a co-insurance percentage is specified in the "Declarations" and only where the total loss exceeds the lesser of 2% of the applicable amount of insurance or $5,000. The Insured shall maintain insurance concurrent with this Form on the property insured to the extent of at least the amount produced by multiplying the actual cash value of the property by the coinsurance percentage specified in the "Declarations", and, failing to do so, shall only be entitled to recover that portion of any loss that the amount of insurance in force at the time of loss bears to the amount of insurance required to be maintained by this clause. Perils insured 5. This Form, except as herein provided, insures against all risks of direct physical loss of or damage to the property insured. Exclusions GA. PROPERTY EXCLUDED This Form does not insure loss of or damage to: (a) sewers, drains, or watermains located beyond the outside bearing walls or foundations of the property insured, outside communications towers, antennae (including satellite receivers) and

5 equipment attached thereto, street clocks, exterior signs, exterior glass or vitrolite and lettering or ornamentation thereon, but this exclusion does not apply to loss or damage caused directly by "Named Perils"; (b) (c) (d) (e) (f) (g) (h) property at locations which, to the knowledge of the Insured, are vacant, unoccupied or shut down for more than thirty (30) consecutive days; electrical devices, appliances or wiring caused by artificially generated electrical currents, including arcing, unless fire or explosion as described in Clause 19(m) ensues and then only for such ensuing loss or damage; growing plants, trees, shrubs or flowers, all while outside the "building", except as provided in the extensions of Coverage Clause 7(e); animals, fish or birds, but this exclusion does not apply to loss or damage caused directly by "Named Perils" or from theft or attempt thereat; money, bullion, platinum and other precious metals and alloys, securities, stamps, tickets and tokens, evidence of debt or title; automobiles, watercraft, amphibious or air cushion vehicles, aircraft, spacecraft, trailers, motors or other accessories attached to or mounted on such property, but this exclusion shall not apply to watercraft, amphibious or air cushion vehicles held for sale, unlicensed automobiles or unlicensed trailers used in the business of the Insured when on the "premises" of the Insured; furs, fur garments, jewels, jewellery, costume jewellery, watches, pearls, precious and semiprecious stones, but this exclusion does not apply to: (i) the first one thousand dollars ($1,000) of any loss insured herein; (ii) any loss or damage caused directly by "Named Perils"; property insured under the terms of any Marine Insurance, and property while waterborne, except while on a regular ferry or railway car transfer in connection with land transportation; property on loan or on rental or sold by the Insured under conditional sale, installment payment or other deferred payment plan, from the time of leaving the Insured's custody, but this exclusion does not apply while such property is in the custody of a carrier for hire for the purpose of delivery at the risk of the insured; property in the custody of a sales representative outside the 'premises" of the Insured, unless an amount of insurance is shown in the "Declarations"; property illegally acquired, kept, stored or transported; property seized or confiscated for breach of any law or by order of any public authority; (m) (i) any pressure vessel having normal internal working pressure greater than 103 kilopascals (15 pounds per square inch) above atmospheric pressures; (ii) any boiler, including the piping and equipment connected thereto, which contains steam or water under steam pressure (except tanks having an internal diameter of 610 millimetres (24 inches) or less used for the storage of hot water for domestic use); caused directly or indirectly by explosion, rupture, bursting, cracking, burning out or bulging of such property while connected ready for use, but this exclusion does not apply to:

6 (1) manually portable gas cylinders; (2) explosion of natural, coal or manufactured gas; (3) explosion of gas or unconsumed fuel within a furnace or within the gas passages therefrom to the atmosphere. 6B. PERILS EXCLUDED This Form does not insure against foss or damage caused directly or indirectly: (a) in whole or in part by earthquake. This exclusion applies whether or not there are one or more other causes or events (whether covered or not) that contribute concurrently or in any sequence to the occasioning of the loss or damage, except for loss or damage caused directly by resultant fire, explosion, smoke or leakage from "fire protective equipments% all as described in Clause 19(m). This exclusion does not apply to property in transit; (b) in whole or in part by flood, including "surface water", waves, tides, tidal waves, tsunamis, or the breaking out or overflow of any natural or artificial body of water. This exclusion applies whether or not there are one or more other causes or events (whether covered or not) that contribute concurrently or in any sequence to the occasioning of the loss or damage, except for loss or damage caused directly by resultant fire, explosion, smoke, leakage from "fire protective equipment", all as described in Clause 19(m). This exclusion does not apply to property in transit Of loss or damage caused directly by leakage from a watermain; (c) (i) by seepage, leakage or influx of water derived from natural sources through basement walls, doors, windows or other openings, foundations, basement floors, sidewalks or sidewalk lights, unless concurrently and directly caused by a peril not otherwise excluded in this form; (ii) by the backing up or overflow of sewers, sumps, septic tanks or drains, wherever located, unless concurrently and directly caused by a peril not otherwise excluded in this form; (iii) by the entrance of rain, sleet or snow through doors, windows, skylights or other similar wall or roof openings, unless through an aperture concurrently and directly caused by a peril not otherwise excluded in this form; (d) by centrifugal force, mechanical or electrical breakdown or derangement in or on the "premises'", unless fire ensues and then only for the loss or damage caused directly by such ensuing fire; (e) (i) (ii) (iii) by dampness or dryness of atmosphere; by changes in or extremes of temperature, freezing or heating; by total or partial interruption to the supply of electricity, water, gas or steam, but this exclusion does not apply to: (1) loss or damage caused directly by rupture of pipes or breakage of apparatus not excluded in paragraph (m) of Clause 6.A.; (2) damage to pipes caused directly by freezing, unless such pipes are excluded in paragraph (m) of Clause 6.A.;

7 (3) loss of or damage to "building(s)" or 'equipment" caused directly by "Named Perils", theft or attempted theft; (4) loss or damage caused directly by accident to transporting conveyance; (f) by shrinkage, evaporation, loss of weight, leakage of contents, exposure to light, contamination, change in colour or texture or finish, rust or corrosion, marring, scratching or crushing, but this exclusion does not apply to loss or damage caused directly by "Named Perils", rupture of pipes or breakage of apparatus not excluded under paragraph (rn) of Clause 6A. hereof, theft or attempt thereat or accident to transporting conveyance. (g) by smoke from agricultural smudging or industrial operations; (h) by rodents, insects or vermin, but this exclusion does not apply to loss or damage caused directly by a peril not otherwise excluded in Clause 6B. hereof; (I) by delay, loss of market, or loss of use or occupancy; (j) by any dishonest or criminal act on the part of the Insured or any other party of interest, employees or agents of the Insured, or any person to whom the property may be entrusted (bailees for hire excepted), but this exclusion does not apply to physical damage, caused directly by employees of the Insured, which results from a peril otherwise insured and not otherwise excluded under this Form; (k) to "buildings" by: (i) (ii) snowslide, landslide, subsidence or other earth movement, except for ensuing loss or damage which results directly from fire, explosion, smoke or leakage from "fire protective equipment", all as described in Clause 19(m); explosion (except with respect to explosion of natural, coal, or manufactured gas), collapse, rupture, bursting, cracking, burning out or bulging of the following property owned, operated or controlled by the Insured, unless fire ensues and then only for the loss or damage caused directly by such ensuing fire: (a) (b) (c) (d) (e) the portions containing steam or water under steam pressure of all boilers generating steam, and piping or other equipment connected to said boilers and containing steam or water under steam pressure; piping and apparatus or parts thereof normally containing steam or water under steam pressure from an external source and while under such pressure; other vessels and apparatus and pipes connected therewith while under pressure, or while in use or in operation provided their maximum normal internal working pressure exceeds 103 kilopascals (15 pounds per square inch) above atmospheric pressure but this exclusion does not apply to loss or damage resulting from the explosion of manually portable gas cylinders or of tanks having an internal diameter of 610 millimetres (24 inches) or less used for the heating and storage of hot water for domestic use; moving or rotating machinery or parts thereof; any vessels and apparatus and pipes connected therewith while undergoing pressure test, but this exclusion does not apply to other property insured hereunder that has been damaged by such explosion;

8 (f) gas turbines; (iii) settling, expansion, contraction, moving, shifting, or cracking unless concurrently and directly caused by a peril not otherwise excluded in Clause 6B. hereof; ( 1 ) proximately 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 makes it impossible to repair or reinstate the property as it was immediately prior to the loss. NOR DOES THIS FORM INSURE (m) wear and tear, gradual deterioration, latent defect, inherent vice, or the cost of making good faulty or improper material, faulty or improper workmanship, faulty or improper design, provided, however, to the extent otherwise insured and not otherwise excluded under this Form, resultant damage to the property is insured; (n) mysterious disappearance or shortage of "equipment" or "stock" disclosed on taking inventory; (0) loss or damage sustained to property while actually being worked upon and directly resulting therefrom or caused by any repairing, adjusting or servicing of property, unless fire or explosion as described in Clause 19(m) ensues and then only for such ensuing loss or damage; (p) loss or damage due to any dishonest, fraudulent or criminal act by an Insured, a partner therein or an officer, director or trustee, whether acting alone or in collusion with others; (q) (r) (s) loss or damage to electrical apparatus caused by electricity other than lightning unless fire ensues and then only for loss or damage caused by such ensuing fire; loss or damage to any safe caused by or resulting from safe burglary or attempt thereat unless fire ensues and then only for the loss or damage caused directly by such ensuing fire; by misappropriation, secretion, conversion, infidelity or any dishonest manner of acquiring possession on the part of the Insured or any other party of interest, employees or agents of the Insured, or any person to whom the property may be entrusted (bailees for hire excepted); 6C. POLLUTION EXCLUDED This form does not insure: (a) 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 "clean up", but this exclusion does not apply: 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; (ii) to loss or damage caused directly by a peril not otherwise excluded under this form; (b) 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".

9 6D. DATA EXCLUSION (a) This form does not insure "Data". (b) This form does not insure loss or damage caused directly or indirectly by "Data Problem". This exclusion (b) does not apply to loss or damage caused directly by resultant fire, explosion, smoke, leakage from "fire protective equipment", as described in Clause 19(m), or by the escape of water from any apparatus, tank or pipe. 6E. FUNGI AND FUNGAL DERIVATIVES EXCLUSION This form shall not insure: (a) loss or damage consisting of or caused directly or indirectly, in whole or in part, by any "Fungi" or "Spores" unless such 'Fungi" or "Spores" are directly caused by or directly result from a peril otherwise insured and not otherwise excluded by this policy; (b) the cost or expense for any testing, monitoring, evaluating or assessing of "Fungi", or "Spores". Extensions of Coverage 7. The following extensions of coverage shall not increase the amounts of insurance applying under this Form, except item (f), and are subject to all conditions of this Form: (a) Removal: If any of the insured property is necessarily removed from the location(s) specified herein to prevent loss or damage or further loss or damage thereto, that part of the insurance under this Form that exceeds the amount of the Insurer's liability for any loss already incurred shall, for seven (7) days only, or for the unexpired term of the Policy if less than seven (7) days, insure the property removed and any property remaining in the location(s) specified herein in the proportions which the value of the property in each of the respective location(s)bears to the value of the property in them all; (b) (i) Debris Removal: The Insurer will indemnify the Insured for expenses incurred in the removal from the "premises" of debris of the property insured, occasioned by loss or damage to such property, for which loss or damage insurance is afforded under this form. The amount payable under this extension shall not exceed 25% of the total amount payable for the direct physical loss to property insured plus the amount of the applicable deductible. (ii) Removal of Windstorm Debris: The Insurer will indemnify the Insured for expenses incurred in the removal of debris or other property which is not insured by this form but which has been blown by windstorm upon a location specified on the "Declarations". Extensions of coverage b(i) and b(11) do not apply to costs or expenses: (a) to "clean up" "pollutants" from land or water; or (b) for testing, monitoring, evaluating or assessing of an actual, alleged, potential or threatened spill, discharge, emission, dispersal, seepage, leakage, migration, release or escape of "pollutants". Debris removal expense shall not be considered in the determination of actual cash value for the purpose of applying the Co-insurance Clause.

10 (c) Personal Property of Officers and Employees: At the option of the Insured, "equipment" also includes personal property of officers and employees of the Insured. The insurance on such property: (I) shall not attach if it is insured by the owner unless the Insured is obliged to insure it or is liable for its loss or damage; is, in any event, limited to a maximum recovery of $1000 in respect of any one officer or employee and a maximum recovery of the amount specified in the "Declarations" in any one occurrence; (iii) shall apply only to loss or damage occurring at a location specifically described in the "Declarations" or included in "Contents At Newly Acquired Locations". (d) "Building" Damage by Theft: This Form is extended to insure damage (except by fire) to that part of a "building" occupied by the Insured directly resulting from theft or attempted theft and from vandalism or malicious acts committed on the same occasion, provided the Insured is not the owner of such "building", and is legally liable for such damage and the "building' is not otherwise insured under this form. This extension of coverage shall be limited to the amount specified in the "Declarations" for this coverage in any one occurrence. (e) Growing Plants, Trees, Shrubs or Flowers outside the "Building": This Form is extended to insure loss or damage to growing plants, trees, shrubs or flowers outside the "building" caused directly by "Named Perils" (with the exception of windstorm or hail as described in Clause 19(m)) or from theft or attempted theft. This extension of coverage shall be limited to a maximum recovery, including debris removal expense, of: (i) $1000 for each growing plant, tree, shrub or flower; and (ii) the amount specified in the 'Declarations" for this coverage in any one occurrence. (f) Inflation Protection: It is agreed that the amounts of insurance specified in the "Declarations" of this Policy for "building(s)", shall be automatically increased during the policy period by the proportion by which the latest published Statistics Canada Non-Residential Construction Price Indexes has increased since the last premium due date. If the amount of insurance applicable to "building(s)" is changed at the request of the Insured during the policy period, the effective date of this extension is deemed to coincide with the effective date of such change. If this form insures two or more items, the foregoing shall apply separately to each item to which this extension applies. In this extension, "premium due date" means inception, renewal or anniversary date of the policy to which this form is attached. (g) Fire Department Service Charges: Coverage is provided for the amount shown in the "Declarations" for this coverage in any one occurrence for the Insured's liability assumed by contract or agreement for Fire Department charges where the Fire Department is called because of a fire in, on or exposing the property insured under this form, while located on the "premises" described in the "Declarations". Permission B. Permission is hereby granted: (a) for other insurance concurrent with this Form; (b) to make additions, alterations or repairs;

11 (c) to do such work and to keep and use such articles, materials, and supplies in such quantities as are usual or necessary to the Insured's business. Breach of Conditions 9. Where a loss occurs and there has been a breach of condition relating to a matter before the happening of the loss, which breach would otherwise disentitle the Insured from recovery under this Form, the breach shall not disentitie the Insured from recovery if the Insured establishes that the loss was not caused or contributed to by the breach of condition Of if the breach of condition occurred in any portion of the "premises" over which the Insured has no control. Reinstatement 10. Loss under any item of this Form shall not reduce the applicable amount of insurance. Subrogation 11. The Insurer, upon making any payment or assuming liability therefor under this Form, 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 complete indemnity for the loss or damage suffered, that amount shall be divided between the Insurer and the Insured in the 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. Property Protection Systems 12. It is agreed that the Insured shall notify forthwith the Insurer of any interruption to, or flaw or defect, coming to the knowledge of the Insured, in any: (a) sprinkler or other fire extinguishing system; or (b) fire detection system, or (c) intrusion detection system; and shall also notify forthwith the Insurer of the cancellation or non-renewal of any contract which provides monitoring or maintenance services to any of these systems or of the notification of the suspension of police service in response to any of these systems. Premium Adjustment 13. This clause is applicable if a specific amount of insurance is shown in the "Declarations" for "Stock". If within six (6) months after the expiry or anniversary date of each period of insurance, the Insured shall file with the Insurer a Premium Adjustment Application Form showing for said period, the actual cash value of the "stock", insured on the last day of each month at each location as commented upon by the Insured's Accountant, the actual premium for the said period shall then be calculated at the rate applying to each location for the average amount of the total values declared. If the premium paid by the Insured for such "stock" exceeds the actual premium thus calculated, the Insurer shall refund to the Insured any excess paid, subject to a maximum refund of 50% of the premium paid. In

12 the event of any monthly declared values being in excess of the amount of insurance,, the amount of the excess shall not be included in the premium adjustment calculations. Verification of Values 14. The Insurer or its duly appointed representative shall be permitted at all reasonable times during the term of this Policy, or within one (1) 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. Such inspection or examination shall not waive nor in any manner affect any of the terms or conditions of this Form. Valuations 15. For the purpose of calculating the total value of the property for the application of Co-insurance, value reporting and for loss adjustment, the following valuation basis applies: (a) on unsold "'stock" - the actual cash value of the property at the time any loss occurs, but in no event to exceed what it would cost to repair or replace with material of like kind and quality; (b) on sold "stock" - the selling price after allowance for discounts; (c) on property of others in the custody or control of the Insured for the purpose of performing work thereon - the amount for which the Insured is liable but in no event to exceed the actual cash value at the time and place of loss plus allowance for labour and materials expended to such time; (d) on tenant's improvements and records - as defined in paragraphs (a) and (b) of Clause 16; (e) on all other property insured under this Form and for which no more specific conditions have been set out - the actual cash value at the time the loss or damage occurs but in no event to exceed what it would then cost to repair or replace with material of like kind and quality. Special Basis of Settlement 16. (a) Tenant's improvements: The liability of the Insurer shall be determined as follows: (i) (ii) (i) if repaired or replaced with due diligence and dispatch, the amount actually and necessarily expended but in no event exceeding the actual cash value of the tenant's improvements immediately prior to the time of destruction or damage; if not repaired or replaced with due diligence and dispatch after such loss, that portion of the original cost of the damaged or destroyed tenant's improvements which the unexpired term of the lease at the time of loss bears to the period(s) from the date(s) such tenant's improvements were made to the expiration date of the lease. (b) Records: The liability of the Insurer for loss or damage to: books of accounts, drawings, card index systems and other records, other than as described in (ii) below, shall not exceed the cost of blank books, blank pages or other materials, plus the cost of labour for actually transcribing or copying said records; (i) media, data storage devices, and programme devices for electronic and electromechanical data processing of for electronically controlled equipment, not withstanding that "Data" is not insured, shall not exceed the cost of reproducing such media, data

13 storage devices, and programme devices from duplicates or from originals of the previous generation of the media, but no liability is assumed hereunder for the cost of gathering or assembling information or "Data" for such reproduction. Whichever of the above is applicable shall be the basis to be adopted for the purpose of applying Co-insurance. Property of Others 17. At the option of the Insurer, any loss may be paid to the Insured or adjusted with and paid to the customer or the owner of the property. Locked Vehicle Warranty 18. This Clause does not apply to property which is under the control of a common carrier. Warranted by the Insured that any vehicle in which the property insured is carried is equipped with a fully enclosed metal body or compartment, and the Insurer shall be liable in case of loss by theft from an unattended vehicle only as a direct result of forcible entry (of which there shall be visible evidence) into such body or compartment the doors and windows of which shall have been securely locked. Definitions 19. Wherever used in this Form: (a) "Declarations" means the Declarations Page applicable to this Form. (b) *Data" means representations of information or concepts in any form, (c) Data problem" means: (I) (ii) (iii) erasure, destruction, corruption, misappropriation, misinterpretation of "Data"; error in creating, amending, entering, deleting or using "Data"; or inability to receive, transmit or use "Data". (d) "Building" means: the building(s) described in the "Declarations" and includes: fixed structures pertaining to the building(s) and located on the "premises"; (ii) (iii) (iv) (v) additions and extensions communicating and in contact with the building(s); permanent fittings and fixtures attached to and forming part of the building(s); materials, equipment and supplies on the "premises" for maintenance of, and normal repairs and minor alterations to, the "building' or for building services; growing plants, trees, shrubs or flowers inside the "building" used for decorative purposes when the Insured is the owner of the "building".

14 (e) "Equipment" means: (i) (ii) (iii) generally all contents usual to the Insured's business including furnishings, fittings, fixtures, machinery, tools, utensils and appliances other than "building" or "stock" as herein defined; similar property belonging to others which the Insured is under obligation to keep insured or for which he is legally liable; tenant's improvements which are defined as building improvements, alterations and betterments made at the expense of the Insured and which are not otherwise insured, provided the Insured is not the owner of such "building". If the Insured purchased the use interest in tenant's improvements made by a predecessor tenant, this Form applies as though such tenant's improvements had been made at the expense of the Insured. (f) "'Stock" means: (I) (ii) (iii) merchandise of every description usual to the insured's business; packing, wrapping and advertising materials; and similar property belonging to others which the Insured is under obligation to keep insured or for which he is legally liable. (g) "'Contents" means property, consisting of "Equipment" and "Stock" as defined by this Form, all usual to the Insured's business described in the "Declarations". (h) "Property" means property, consisting of "Building", "Equipment", and "Stock" as defined by this Form, all usual to the Insured's business described in the "Declarations". (I) 'Tools and Equipment" means tools and equipment usual to the business of the Insured, all the property of the Insured or similar property of others for which the Insured is responsible. (j) "Office Contents" means: Office furniture, fixtures, equipment, machines, supplies, records (for blank cost plus actual cost of labour in transcribing or copying such records or in the case of film, tape or wire recording media, the cost of unexposed materials) and all other office contents. (k) Premises" means the entire area within the property lines and areas under adjoining sidewalks and driveways at the locations described in the "Declarations" and in or on vehicles within 100 metres (328 feet) of such locations. (I) "Fire Protective Equipment" includes tanks, watermains, hydrants, valves and any other apparatus whether used solely for fire protection or jointly for fire protection and for other purposes, but does not include: (i) branch piping from a joint system where such branches are used entirely for purposes other than fire protection; any waterrrtains or appurtenances located outside of the described "premises" and forming a part of the public water distribution systems; (iii) any pond or reservoir in which the water is impounded by a dam.

15 (m) "Named Perils" means: (A) (B) FIRE OR LIGHTNING EXPLOSION: Except with respect to explosion of natural, coal or manufactured gas, there shall in no event be any liability hereunder for loss or damage caused by explosion, rupture or bursting in or of the following property owned, operated or controlled by the Insured: 0) (a) the portions containing steam or water under steam pressure of all boilers generating steam, and piping or other equipment connected to said boilers and containing steam or water under steam pressure; (b) (c) (d) piping and apparatus or parts thereof normally containing steam or water under steam pressure from an external source and while under such pressure; the combustion chambers or fire boxes of steam generating boilers of the chemical recovery type and the flues or passages which conduct the gases of combustion therefrom; smelt dissolving tanks; (ii) (iii) (iv) (v) other vessels and apparatus, and pipes connected therewith, while under pressure, or while in use or in operation, provided their maximum normal internal working pressure exceeds 103 kilopascals (15 pounds per square inch) above atmospheric pressure except that liability is specifically assumed for loss or damage resulting from the explosion of manually portable gas cylinders; moving or rotating machinery or parts of same when such loss or damage is caused by centrifugal force or mechanical breakdown; any vessels and apparatus and pipes connected therewith while undergoing pressure tests, but this exclusion shall not apply to other property insured hereunder that has been damaged by such explosion; gas turbines. The following are not explosions within the intent or meaning of this section: ( 1 ) electric arcing or any coincident rupture of electrical equipment due to such arcing; (ii) (iii) bursting or rupture caused by hydrostatic pressure or freezing; bursting or rupture of any safety disc, ruptured diaphragm or fusible plug. (C) IMPACT BY AIRCRAFT, SPACECRAFT OR LAND VEHICLE: The terms "Aircraft" and "Spacecraft" include articles dropped therefrom.

16 There shall in no event be any liability hereunder due to cumulative damage or for loss or damage: (i) (ii) (iii) caused by land vehicles belonging to or under the control of the Insured or any of his employees; to aircraft, spacecraft or land vehicles causing the loss; caused by any aircraft or spacecraft when being taxied or moved inside or outside of "buildings". (D) RIOT, VANDALISM OR MALICIOUS ACTS: The term riot includes open assemblies of strikers inside or outside the 'premises" who have quitted work and of locked-out employees. There shall in no event be any liability hereunder for loss or damage (I) (ii) (iii) due to cessation of work or by interruption to process or business operations or by change(s) in temperature; due to flood or release of water impounded by a dam, or due to any explosion other than an explosion in respect of which there is insurance under Clause 19(m)(13); due to theft or attempt thereat. (E) SMOKE The term "Smoke" means smoke due to a sudden, unusual and faulty operation of any stationary furnace. There shall in no event be any liability hereunder for any cumulative damage. (F) LEAKAGE FROM "FIRE PROTECTIVE EQUIPMENT" The term Leakage From "Fire Protective Equipment" means: (I) (ii) (iii) the leakage or discharge of water or other substances from; the collapse of; the rupture due to freezing of; "fire protective equipment" for the "premises" or adjoining structures. (G) WINDSTORM OR HAIL: There shall in no event be any liability hereunder for loss or damage: (I) to the interior of the "buildings" insured or their contents unless damage occurs concurrently with and results from an aperture caused by windstorm or hail;

17 (it) directly or indirectly caused by any of the following, whether driven by wind or due to windstorm or not: snow-load, ice-load, tidal wave, tsunamis, high water, overflow, flood, waterborne objects, waves, ice, land subsidence, landslip. (n) "Pollutants" means any solid, liquid, gaseous or thermal irritant or contaminant including odour, vapour, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed. (o) "Clean Up" means the removal, containment, treatment, decontamination, detoxification, stabilization, neutralization or remediation of "pollutants", including testing which is integral to the aforementioned processes, (p) "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. (q) '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'. (r) "Services' means electricity, water, gas or steam. (s) "Surface water" means water or natural precipitation temporarily diffused over the surface of the ground.

18 CONDOMINIUM UNIT OWNER'S EXTENSION Attached to and forming part of the Commercial Building, Equipment and Stock Broad Farm Policy Form No, 5510(04/2010) The following amendments to 5510 are made as follows: Property insured: 2A This Farm insures "Contents of Every Description" owned by the Insured or similar property owned by others which the Insured is under obligation to keep insured or for which the Insured is legally liable, but only those items and locations for which an amount of insurance is specified in the 'Declarations" and/or the Certificate of Insurance, and only to the extent that the "Condominium Unit" is not insured by the "Condominium Corporation". Exclusions: 6A PROPERTY EXCLUDED Item (b) is amended to read as follows: (b) property at locations shown in the "Declarations" which, to the knowledge of the Insured, are vacant, unoccupied or shut down for more than thirty (30) consecutive days; however, a single "Condominium Unit" shall not be considered as vacant, unoccupied or shut down if it exists as vacant or unoccupied within a multi-unit building comprised of not less than six (6) units, provided that each vacant or unoccupied unit will be inspected by the property manager at least one time each month. Subrogation 11. The Insurer, upon making any payment or assuming liability therefor under this Form, 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 complete indemnity for the loss or damage suffered, that amount shall be divided between the Insurer and the Insured in the proportion in which the loss or damage has been borne by them respectively. The Insurer agrees to waive its right of subrogation against the "Condominium Corporation", including its directors, strata council members, property managers, agents, employees and unit owners. This waiver does not apply with respect to arson, fraud or vehicle impact. Any release from liability entered into by the Insured prior to loss shall not affect the right of the Insured to recover ( May 201.2) 1378 Condo Unit Owners Extension (Lloyds) Page 1 of 1

19 Additional Definitions Wherever used in this Form: a. "Common Property" means "common property" as defined in Provincial Legislation relating to condominiums. b. "Condominium Corporation" means a corporation constituted under Provincial Legislation relating to condominiums and includes a strata corporation and a society as so constituted. c. "Condominium Unit" means a unit or strata lot as defined in Provincial Legislation. d. "Contents Of Every Description" means: i. "Condominium Unit" 'Contents' and "Improvements and Betterments", and IL At the option of the Insured, and without increasing the Limit of Insurance specified in the "Declarations" and only in respect to residential "condominium unit", landlord's permanent fittings and fixtures e. "improvements and Betterments" means physical structural changes, upgrading or enhancing of an individual "Condominium Unit" made by the present owner or previous owner(s), including fire protective equipment. Special Extensions of Coverage 20. (a) Deductible Assessment Coverage The Insurer will also pay for that pail of any assessment made necessary by a deductible in the insurance policy of the "Condominium Corporation" caused by loss or damage insured by this policy. (b) Special Loss Assessment Coverage The Insurer will also pay for the Insured's share of any special assessment if: (I) theasesmentisvalidunderthegoverningrulesorbylawsofthe "Condominium Corporation", and it is made necessary by a direct loss to the collectively owned "Common Property" of the 'Condominium Corporation" caused by a peril insured under this policy. (C) Contingent Insurance Coverage The Insurer will insure the "Condominium Unit" of the Insured against all risks of direct physical loss or damage excluding "Improvements and Betterments" but only in the event that the 'Condominium Corporation" 1378 ( May 2012) 1378 Condo Unit Owners Extension (Lloyds) Page.2 of 2

20 (i) (ii) (iii) has no insurance, or its insurance is inadequate, or its insurance is not effective, to insure the interest of the Insured in the "Condominium Unit" of the Insured. With respect to Special Extensions of Coverage, PERILS EXCLUDED 6B (I) (By-laws) is amended as follows: (I) proximately or remotely, arising in consequence of or contributed to by the enforcement of any by-laws, ordinances or any laws regulating the zoning. demolition, repair or construction of buildings, the Insureds "Condominium Unit", structure or its related services but this exclusion does not apply to necessary upgrades of existing materials to comply with the building codes(s) in effect at the time of repair or replacement to the extent that these existing materials were lost or damaged an insured peril. All other terms and conditions of this policy remain unchanged ( May 2012) 1378 Condo Unit Owners Extension (Lloyds) Page 3 of 3

21 GROSS RENTALS ENDORSEMENT (For Use with Commercial Building, Equipment and Stock Form 5510 or 5511) INDEMNITY AGREEMENT This Form insures, up to the amount stated in the "Declarations" against loss of Gross Rentals directly resulting from or caused by destruction or damage by the perils insured against, to building(s) and additions, and extensions communicating and in contact therewith on the described "premises". MEASURE OF RECOVERY The insurance is limited to loss of "Gross Rentals" sustained due to (a) REDUCTION IN GROSS RENTALS and (b) INCREASE IN COST OF WORKING and the amount payable shall be: (a) (b) IN RESPECT OF REDUCTION OF GROSS RENTALS: The amount by which the Gross Rentals during the Indemnity Period shall, in consequence of the destruction or damage, fall short of the Standard Gross Rentals. IN RESPECT OF INCREASE IN COST OF WORKING: The additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in Gross Rentals which but for that expenditure would have taken place during the Indemnity Period in consequence of the destruction or damage, but not exceeding the loss of Gross Rentals thereby avoided; less any sum saved during the "Indemnity Period" in respect of costs as may cease or be reduced in consequence of the destruction or damage by the perils insured against, provided that if the amount of insurance be less than the Annual Gross Rentals, the amount payable shall be proportionally reduced. AUDITOR'S FEES The Insurer will pay the Insured up to $500. for reasonable fees payable to the Insured's auditor for producing and certifying particulars and details of the Insured's business required by the Insurer in order to arrive at the loss payable under this Form in the event of a claim. DEFINITIONS (a) (b) GROSS RENTALS: The money paid or payable to the Insured by tenants in respect of rental of the 'premises". INDEMNITY PERIOD: The period beginning with the occurrence of a peril insured against and ending not later than twelve (12) months thereafter during which gross rentals shall be affected in consequence of the destruction or damage by a peril insured against (1 2,09) Confidential Paw) i of 2

22 (c) (d) ANNUAL GROSS RENTALS: The Gross Rentals during the twelve months immediately before the date of the destruction or damage by a peril insured against to which such adjustments shall be made as may be necessary to provide for the trends of, variations in or special circumstances affecting Gross Rentals either before or after the destruction or damage or which would have affected Gross Rentals had the destruction or damage not occurred, so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the destruction or damage would have been obtained during the relative period after the destruction or damage. STANDARD GROSS RENTALS: The Gross Rentals during that period in the twelve months immediately before the date of the destruction or damage by a peril insured against or which corresponds with the Indemnity Period to which such adjustments shall be made as may be necessary to provide for the trends of, variations in or special circumstances affecting Gross Rentals either before or after the destruction or damage or which would have affected Gross Rentals had the destruction or damage not occurred, so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the destruction or damage would have been obtained during the relative period after the destruction or damage. PROVISIONS 1. If during the Indemnity Period services shall be rendered elsewhere than at the "premises" for the benefit of the business either by the insured or by others on his/her behalf the money paid or payable in respect of such services shall be brought into account in arriving at the Gross Rentals during the Indemnity Period. 2. The liability of the Insurer shall in no case exceed the total amount of insurance specified herein or such other arnount(s)as may hereafter be substituted therefor by endorsement signed by or on behalf of the Insurer. 3. The Insurer shall not be liable for any loss due to fines or damages for breach of contract, or for any penalties of whatever nature, 4. On the happening of any destruction or damage by a peril insured against in consequence of which a claim is or may be made under this endorsement, the Insured shall with due diligence do and concur in doing and permit to be done all things which may be reasonably practicable to minimize or check any interruption or interference with Gross Rentals or to avoid or diminish the loss. 5. The Insurer shall be liable for actual loss sustained hereunder, during the period of time, not exceeding two consecutive weeks from the date when, as a direct result of the peril(s) insured against, access to the premises described is prohibited by order of civil authority. 6. If, on the happening of any loss, there is in force more than one policy covering the same interest, irrespective of whether by any term in such contract the insurance granted thereby shall not cover, come into force, attach or become insurance until after full or partial payment of any loss under any other policy, it is a condition of this endorsement and policy that the claim hereunder shall be adjusted with the Insured on the basis that such policy or policies will contribute a rateable proportion of the loss unless it is otherwise expressly agreed in writing. 7. No term or condition of this Policy shall be deemed to be waived by this Insurer in whole or in part unless the waiver is clearly expressed in writing signed by a person authorized for that purpose by the Insurer. Neither the Insurer nor the insured shall be deemed to have waived any term or condition of this Policy by any act relating to the appraisal of the amount of loss or to the delivery and completion of proofs, or the investigation or adjustment of any claim under this Policy. All other terms and conditions of this Policy remain unchanged (12109) Confidential Page 2 ot 2