Commercial Fine Art Declarations

Transcription

1 Commercial Fine Art Declarations These declarations and the common policy conditions, together with the form(s) and endorsements, if any, issued to form a part thereof, complete the above numbered policy Named Insured: University of Southern Indiana Mailing Address: 8600 University Blvd., Evansville, IN Company: AXA Insurance Company 125 Broad Street 5th Floor New York New York A STOCK COMPANY Producer: Arthur J. Gallagher & Co. The Gallagher Centre 2 Pierce Pl Itasca, IL Type of Policy: Policy Term: Valuation: Museum Limits of Insurance 10/19/2015 to 10/19/2016 at 12:01 A.M. Standard Time at the mailing address shown above Current Market - Please refer to the policy wording for further details The maximum the Company shall pay per occurrence of loss as defined in the policy wording is $4,967, The limit of insurance is further subject to the below limitation. The limits stated are the maximum amount the company shall pay as defined by the policy wording. Limit Description $ 4,967, Named Locations $ 1,200, Unnamed Locations $ 1,200, Transit $ 4,967, Bailee Legal Liability $ 4,967, Terrorism $ 4,967, Earthquake Named Locations The below listed locations are considered named under the coverage of this policy University Blvd., Evansville, IN Deductibles In the event of a loss, the following deductibles apply as defined in the policy wording. All Risk $ 1,000 for property owned by You Page 1/17

2 Forms and Endorsements Made Part of this Policy Commercial Fine Art Declarations - AXA-CFA-DEC (08/13) Fine Art Museum Coverage - AXA-CFA-MUSM (08/13) Indiana Changes - AXA-CHG-IN (08/13) Terrorism Endorsement - AXA-TRSM-END (01/15) Earthquake Coverage - AXA-END-EQ (08/13) Covered Locations - MAN AIC OFAC Advisory Notice - IL P Premium and Surcharges Payment Plan: Single Payment due in full at the inception of this policy term The total Cost of the above numbered policy is as stated below. Total Policy Premium: $ 4, State Surcharge: 0.00% $ 0.00 Total Cost of Policy: $ 4, In return for the payment of the premium stated, and subject to all terms and conditions thereof, we agree to provide you with insurance as stated in this policy. Gary Kerr, Authorized representative 10/13/2015 Date In the event of any questions, or a claim, you should contact your producer or: AXA Art Americas Corporation 3 West 35 Street, Floor 11 New York, NY Tel: or 877 AXA 4ART claims@axa-art-usa.com AXA-CFA-DEC (08/13) Page 2/17

3 AGREEMENT We will provide the insurance described in this policy in return for the premium and compliance with all applicable provisions of this policy. Throughout this policy "you" and "your" refer to the Named Insured shown in the Declarations Page. The words "we", "us" and "our" refer to the Company providing this insurance. Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties, and what is and is not covered. Words and phrases that appear in quotation marks have special meaning. Refer to the Definitions Section. FINE ART MUSEUM COVERAGE Covered Property We will pay for "loss" to property consisting of objects of art or rarity or historic merit of every nature and description and their frames, crates, display cases, signage, other exhibitry and packing materials which are: a. Property owned by you. b. Property of others for which you have agreed prior to "loss" to insure. c. Property of others offered as gifts to you or for sale to you and while waiting formal acceptance by the Trustees or other authorized representatives. d Your interest in jointly owned property, but only to the extent of your interest at the time of "loss". e. Your reference library and other reference material belonging to you which are not for sale nor listed in your collection inventory. Property Not Covered Covered Property does not include contraband or property in the course of illegal transportation or trade. Covered Causes of Loss We will pay for direct physical "loss" to Covered Property unless the "loss" is excluded. Coverage Territory We insure Covered Property worldwide except as prohibited by law. Bailee Legal Liability This policy covers your liability as "Bailee" of all loaned property for which you have been instructed not to insure excluding, however, any property for which you have obtained a signed release of liability from the owner. In the event of any action involving you for loss or damage to such property we will defend, to the monetary extent of your proportionate interest as "Bailee" in this insurance, all such actions and pay a proportionate share of all legal fees, court costs or judgments commensurate with your interest as "Bailee". You will not voluntarily assume any liability nor incur any expense nor settle any claim, except at your own cost. You will not interfere in any negotiation for settlement or in any legal proceedings, but whenever requested and at our expense you will aid in securing information and evidence and the attendance of witnesses, and will cooperate with us in all matters which we may deem necessary in the defense of any suit or the prosecution of any appeal. Page 3/17

4 Policy Deductible In consideration of the premium charged, each claim for "loss" or damage separately occurring will be adjusted separately and from the amount of each adjusted claim the sum stated on the Declarations Page will be deducted. In the event of any recovery or salvage on a "loss" which has been or is being paid, such recovery or salvage will accrue entirely to our benefit under this policy. Additional Interests Owners and/or lenders of Covered Property agreed to be insured under this policy will be considered Loss Payees and/or Additional Insureds as their respective interests may appear. EXCLUSIONS We will not pay for a "loss" caused directly or indirectly by any of the following. Such "loss" is excluded regardless of any other cause or event. War and Military Action 1. War, including undeclared war, civil war; 2. Warlike action by a military force, including action in hindering or defending against an actual or expected attack, by any government, sovereign or other authority using military personnel or other agents; or 3. Insurrection, rebellion, revolution, usurped power or action taken by governmental authority in hindering or defending against any of these. Governmental Action Seizure or destruction of Covered Property by order of governmental authority. However, we will pay for acts of destruction ordered by governmental authority and taken at the time of a fire to prevent its spread if the fire would be covered under this coverage. Nuclear Hazard 1. Any weapon employing atomic fission or fusion; or 2. Nuclear reaction or radiation or radioactive contamination however caused. However, we will pay for direct physical "loss" caused by resulting fire if the fire would be covered under this coverage. Wear and tear, any quality in the product which causes it to damage or destroy itself, gradual deterioration, insects or vermin. Damage sustained due to or resulting from any repair, restoration, or retouching. Any earth movement including earthquake, sinkhole collapse, mine subsidence, landslide or earth sinking, rising or shifting, expansion or contraction, any other shifting of earth. Page 4/17

5 COVERAGE CONDITIONS Packing You represent and agree that to the best of your ability the Covered Property will be packed and unpacked by staff trained and skilled in procedures and in using materials necessary to protect the Covered Property. Protective Safeguards You represent and agree to maintain throughout the term of this policy any and all protective safeguards as were represented to be in existence at all locations when this coverage began. You are required to uphold any maintenance contract or other agreement for long term operation of these safeguards. Records You will keep a detailed and itemized inventory of all Covered Property. COMMON POLICY CONDITIONS Cancellation 1. The first Named Insured shown on the Declarations Page may cancel this policy by mailing or delivering to us advance written notice of cancellation. 2. We may cancel this policy by mailing or delivering to the first Named Insured written notice of cancellation at least: a. 10 days before the effective date of cancellation if we cancel for non-payment of premium; or b. 60 days before the effective date of cancellation if we cancel for any other reason. 3. We will mail or deliver our notice of cancellation to the first Named Insured s last known mailing address. 4. Notice of cancellation will state the effective date of cancellation. The policy period will end on that date. 5. If this policy is cancelled, we will send the first Named Insured any premium refund due. If we cancel, the refund will be pro rata. If the first Named Insured cancels, the refund may be less than pro rata. The cancellation will be effective even if we have not made or offered a refund. 6. If notice of cancellation is mailed, proof of mailing will be sufficient proof of notice. Changes This policy contains all the agreements between you and us concerning the insurance afforded. The first Named Insured shown on the Declarations Page is authorized to make changes in the terms of this policy with our consent. This policy s terms can be amended or waived only by endorsement issued by us and made a part of this policy. Examination of Your Books and Records We may examine and audit your books and records as they relate to this policy at any time during the policy period and up to three years afterward. Inspections and Surveys We have the right but are not obligated to make inspections and surveys at any time, give you reports on the conditions we find and recommend changes. Any inspections, surveys, reports or recommendations relate only to insurability and the premiums to be charged. We do not make safety inspections. We do not undertake to perform the duty of any person or organization to provide for the health or safety of workers or the public. And we do not warrant that conditions: Page 5/17

6 1. Are safe or healthful; or 2. Comply with laws, regulations, codes or standards. This condition applies not only to us, but also to any rating, advisory, rate service or similar organization which makes insurance inspections, surveys, reports or recommendations. Premiums The first Named Insured shown on the Declarations Page is responsible for the payment of all premiums and will be the payee for any return premiums. Transfer of Your Rights and Duties Under this Policy Your rights and duties under this policy may not be transferred without our written consent except in the case of death of an individual Named Insured. If you die, your rights and duties will be transferred to your legal representative but only while acting within the scope of duties as your legal representative. Until your legal representative is appointed, anyone having proper temporary custody of your Covered Property will have your rights and duties but only with respect to that Covered Property. COMMERCIAL INLAND MARINE CONDITIONS LOSS CONDITIONS Abandonment There can be no abandonment of any Covered Property to us. Arbitration If we and you disagree on the value of the Covered Property or the amount of "loss", either may make written demand for an appraisal of the "loss". In this event, each party will select a competent and impartial appraiser. The two appraisers will select an umpire. If they cannot agree, either may request that selection be made by a judge of a court having jurisdiction. The appraisers will state separately the value of the Covered Property and amount of "loss". If they fail to agree, they will submit their difference to the umpire. A decision agreed to by any two will be binding. Each party will pay its chosen appraiser and bear the other expenses of the appraisal and umpire equally. If we submit to an appraisal, we will still retain our right to deny the claim. Duties in the Event of Loss In the event of "loss" to Covered Property, you must: 1. Notify the police if a law may have been broken; 2. Give us prompt notice of the "loss". Include a description of the property involved; 3. As soon as possible, give us a description of how, when and where the "loss" occurred; 4. Take all reasonable steps to protect the Covered Property from further damage. If feasible, set the damaged property aside and in the best possible order for examination. Also keep a record of your expenses, for consideration in the settlement of the claim; 5. Make no statement that will assume any obligation or admit any liability, for any "loss" for which we may be liable, without our consent; 6. Permit us to inspect the property and records proving "loss"; 7. If requested, permit us to question you under oath, at such times as may be reasonably required, about any matter relating to this insurance or your claim, including your books and records. In such event, your answers must be signed; 8. Send us a signed Sworn Statement in Proof of Loss containing the information we request to settle the claim. You must do this within 90 days after our request. We will supply you with the necessary forms; 9. Promptly send us any legal papers or notices received concerning the "loss"; and 10. Cooperate with us in the investigation or settlement of the claim. Page 6/17

7 Insurance Under Two or More Coverages If two or more of this policy s coverages apply to the same "loss", we will not pay more than the actual amount of the "loss". Loss Payment We will pay or make good any "loss" covered under this coverage within 30 days after: 1. We reach agreement with you; 2. The entry of final judgment; or 3. The filing of an appraisal award. We will not be liable for any part of a "loss" that has been paid or made good by others. Library of Congress Loss Settlement The Library of Congress will have the right to elect to receive reimbursement in kind, in case of loss or damage of any item covered by this insurance. Reimbursement in kind means that, in lieu of cash, the Covered Property will be replaced with property of comparable historical and monetary value. Other Insurance If you have other insurance covering the same "loss" as the insurance under this coverage, we will pay only the excess over that you should have received from the other insurance. We will pay the excess whether you can collect on the other insurance or not. This clause, however, does not apply to insurance carried by the owner(s) of property loaned to the Insured. Pair, Set or Parts Pair or Set. In case of loss to an item which is part of a pair or set: 1. A total loss may be paid, at the option of the Insured, and in so doing the remaining property will be forfeited to the us as salvage; or 2. A partial loss may be paid and the measure of loss shall be a reasonable and fair proportion of the total value of the pair or set, giving consideration to the importance of the item to the pair or set. Parts. In case of loss to any part of Covered Property which consists of several parts when complete, we will pay only for the value of the part lost or damaged. Privilege to Adjust with Owner(s) In the event of "loss" to property of others insured hereunder for which a claim is made, the right to adjust such "loss" with the owner(s) of the property is reserved to us. A receipt for payment from the owner(s) of that property will satisfy any claim of the Insured. If legal proceedings are taken to enforce a claim against you, we may opt to conduct and control the defense on behalf of and in your name. If provided, the expense of this defense will be at our cost and will not reduce the applicable limit of liability under this insurance. Recoveries Any recovery or salvage on a "loss" will accrue entirely to our benefit. Automatic Reinstatement of Limit After Loss The Limit of Insurance will not be reduced by the payment of any claim. Transfer of Subrogation Rights If any person or organization to or for whom we make payment under this insurance has rights to recover damages from another, those rights are transferred to us. That person or organization must do everything necessary to secure our rights and must do nothing after "loss" to impair them. Page 7/17

8 Loss Buy Back You shall have the right to repurchase from us the Covered Property that is lost or stolen and later recovered, for the amount paid to you for the "loss", plus an amount which represents loss adjustment and recovery expenses. You may repurchase damaged Covered Property belonging to you and for which a total "loss" has been paid, at the then "current market value" of the damaged Covered Property. We agree to notify you of your right to repurchase damaged or recovered Covered Property and you shall have 60 days from date of notice to exercise the repurchase right. EXTENSIONS OF COVERAGE It is understood and agreed that the policy deductible(s) does not apply to the below Extensions of Coverage and that the amounts payable are in addition to the limits of liability as stated on the Declarations Page. U.S. Indemnity Deductible We cover your U.S. Arts and Artifacts Indemnity Deductible up to $500,000 per exhibition based on the Certificate of Indemnity as issued by the U.S. Government Arts Indemnity Program as part of the National Endowment for the Arts. All exclusions and terms of coverage under this policy still apply. Registration Papers and Records We will pay up to $50,000 per occurrence to reimburse your cost to research, replace or restore lost or damaged papers and records used to conduct the administrative functions of the registrar, collection manager or similar office, including those that are on computer software, for which there are no duplicates. Cost of Preparing Inventory We will pay up to $50,000 per occurrence to reimburse your cost to prepare a complete inventory of the damaged and undamaged Covered Property including: (1) quantities, (2) costs, (3) values and (4) amount of loss claimed. Debris Removal We will pay up to $50,000 per occurrence to reimburse your cost to remove debris of Covered Property caused by a covered "loss" under this policy. Fire Department Service Charge We will pay up to $25,000 per occurrence to reimburse your cost owed to the fire department when it is called to save or protect Covered Property from a covered cause of "loss". The fire department service charges covered hereunder include: (1) those assumed by contract or agreement prior to "loss", or (2) those required by local ordinance. Fire Extinguishing System Discharge We will pay up to $25,000 per occurrence to reimburse your cost to refill your fire extinguishing systems which protect the Covered Property when they discharge as intended, or accidentally, to control a "loss" covered under this policy. However, discharge during the time of installation, testing, repair or recharging of the fire extinguishing system is excluded under this coverage. Page 8/17

9 GENERAL CONDITIONS Concealment, Misrepresentation or Fraud This coverage is void in any case of fraud by you relating to this insurance policy. It is also void if you intentionally conceal or misrepresent a material fact concerning this coverage, the Covered Property or your interest in the Covered Property. Legal Action Against Us No one may bring a legal action against us under this coverage unless: 1. There has been full compliance with all the terms of the coverage; and 2. The action is brought within 2 years after you first have knowledge of the "loss". No Benefit to Bailee No person or organization, other than you, having custody of Covered Property, will benefit from this insurance. Policy Period We cover "loss" which occurs during the policy period shown on the Declarations Page. Several Liability The liability of an insurer under this contract is several and not joint with other insurers party to this contract. An insurer is liable only for the proportion of liability it has underwritten. An insurer is not jointly liable for the proportion of liability underwritten by any other insurer, nor is an insurer otherwise responsible for any liability of any other insurer that may underwrite this contract. Currency Fluctuation The values applied to this policy may be insured in foreign currency insofar as such insurance is authorized by applicable laws and regulations. For purposes of application of the maximum limits fixed in this policy in U.S. dollars, the foreign currencies will be converted into dollars at the rates in effect on the date of the declaration of insured interest. The values thus applied will thereafter remain covered for the amount insured in foreign currency, notwithstanding subsequent fluctuations in the rate of exchange. However, under no condition will a fluctuation in a rate of exchange increase the coverage limits to be greater than the coverage limits listed on the Declarations Page. Declared Value Any statement of nominal value or of non-artistic merit for purposes of a bill of lading or shipping declarations will not be used in the adjustment of a claim for "loss or damage to the Covered Property. Loss Settlement In the event of "loss", Covered Property will be settled as follows: 1. For Total Losses, the most we will pay are the following amounts: a. Property owned by you will be valued at "current market value at the time of loss". b. Property of others on loan to you, and which you have been instructed to insure or for which you may be liable, will be valued at amounts agreed upon by you and owners prior to "loss". c. Property to be acquired by you as a gift or under wills or similar bequests will be valued at "current market value" at the time of "loss". In no event will this policy cover beyond your interest therein and in the event of loss of such property your interest at time of "loss" will be Page 9/17

10 as stipulated in the will, bequest, contract or other document executed between you and the donor of said property. d. Property jointly owned with others will be valued as stated on the agreement with the co-owner(s), up to the amount of your interest. e. Reference library, reference material, furniture and fixtures as described including electronic data processing equipment and "data and media", if covered, will be valued at "replacement cost". In the event of total "loss", you will surrender the property to us. 2. For Partial Losses, we agree to pay you an amount mutually agreed upon based on the following: a. The cost to repair the property to its value immediately before the "loss"; b. The difference between the value of the property immediately before and after the "loss"; or c. The cost to restore the property as nearly as possible to its condition immediately before the "loss". If the restored value is less than the value immediately before the "loss", we will pay the difference between the restored value and the value immediately before the "loss". The most we will pay for total or partial losses is the maximum limit of liability as stated on the Declarations Page. DEFINITIONS "Loss means accidental, physical loss or damage to Covered Property. "Replacement Cost means the cost at the time of loss to replace the item with material of like kind and quality without deduction for depreciation. "Current Market Value means the amount, at the time of the "loss", that it would cost to replace Covered Property with another item of similar age, quality, origin, appearance and condition within a reasonable length of time in an appropriate and relevant market. "Bailee means the entity to whom Covered Property is entrusted for a special purpose and for a limited period of time. "Data and Media means data or information stored on discs, films, tapes, storage devices or similar electronic data processing media and the media itself, computer programs and instructions. In Witness Whereof, we have caused this policy to be executed and attested, and, if required by state law, this policy shall not be valid unless countersigned by our authorized representative. Secretary i President AXA-CFA-MUSM (08/13) Page 10/17

11 Terrorism Endorsement This endorsement changes the policy. Please read it carefully. A. Disclosure of Federal Participation In Payment of Terrorism Losses You should know that where coverage is provided by this policy for losses resulting from certified acts of terrorism, such losses may be partially reimbursed by the United States Federal Government under a formula established by Federal Law. Under this formula, the United States Government pays 85% through 2015; 84% beginning on January 1, 2016; 83% beginning on January 1, 2017; 82% beginning on January 1, 2018; 81% beginning on January 1, 2019 and 80% beginning on January 1, 2020 of covered terrorism losses exceeding the statutorily established deductible paid by the insurance company providing the coverage. B. Cap on Certified Terrorism Losses Certified act of terrorism means an act that is certified by the Secretary of the Treasury, in accordance with the federal Terrorism Risk Insurance Act, to be an act of terrorism pursuant to such Act, The criteria contained in the Terrorism Risk Insurance Act for a certified act of terrorism include the following: 1. The act resulted in insured losses in excess of $5 million in the aggregate, attributable to all types of Insurance subject to the Terrorism Risk Insurance Act; and 2. The act is a violent act or an act that is dangerous to human life, property or infrastructure and is committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion. If aggregate insured losses attributable to terrorist acts certified under the Terrorism Risk Insurance Act exceed $100 billion in a calendar year and we have met our insurer deductible under the Terrorism Risk Insurance Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury. C. Limitation on Losses from Certified Acts and Other Acts of Terrorism Other act of terrorism means a violent act or an act that is dangerous to human life, property or infrastructure that is committed by an individual or individuals and that appears to be part of an effort to coerce a civilian population or to influence the policy or affect the conduct of any government by coercion, and the act is not certified as a terrorist act pursuant to the Terrorism Risk Insurance Act. We will not pay for loss or damage caused directly or indirectly by a certified act of terrorism or other act of terrorism, when one or more of the following are attributed to such act. Such loss or damage is excluded regardless of any other cause or event that contributes concurrently or in any subsequence to the loss. 1. The terrorism is carried out by means of the dispersal or application of radioactive material, or through the use of a nuclear weapon or device that involves or produces a nuclear reaction, nuclear radiation or radioactive contamination; or 2. Radioactive material is released, and it appears that one purpose of the terrorism was to release such material; or Page 11/17

12 3. The terrorism is carried out by means of the dispersal or application of pathogenic or poisonous biological or chemical material; or 4. Pathogenic or poisonous biological or chemical material is released, and it appears that one purpose of the terrorism was to release such material. D. Exception Covering Certain Fire Losses The following exception to the limitation in C. above applies only to property located in the States of California, Illinois, Maine, Missouri, Oregon and Wisconsin: If a certified act of terrorism or an other act of terrorism is excluded under Paragraph C. results in fire, we will pay for the loss or damage caused by that fire, subject to all applicable policy provisions including the Limit of Insurance on the affected property. Such coverage for fire applies only to direct loss or damage by fire to Covered Property. E. Application of Limitations The terms and limitations of any terrorism limitation, or the inapplicability or omission of a terrorism limitation, do not serve to create coverage for any loss which would otherwise be excluded under this Policy, such as losses excluded by the War and Military Action Exclusion. i Includes copyrighted material of Insurance Services Office, Inc., with its permission. Copyright, Insurance Services Office, Inc., 2015 Page 12/17

13 Indiana Changes This endorsement changes the policy. Please read it carefully. A. Paragraph 2. of the Cancellation Common Policy Condition is replaced by the following: 2. Cancellation Of Policies In Effect a. 90 Days Or Less If this policy has been in effect for 90 days or less, we may cancel this policy by mailing or delivering to the first Named Insured written notice of cancellation at least: (1) 10 days before the effective date of cancellation if we cancel for nonpayment of premium; (2) 20 days before the effective date of cancellation if you have perpetrated a fraud or material misrepresentation on us; or (3) 30 days before the effective date of cancellation if we cancel for any other reason. b. More Than 90 Days If this policy has been in effect for more than 90 days, or is a renewal of a policy we issued, we may cancel this policy, only for one or more of the reasons listed below, by mailing or delivering to the first Named Insured written notice of cancellation at least: (1) 10 days before the effective date of cancellation if we cancel for nonpayment of premium; (2) 20 days before the effective date of cancellation if you have perpetrated a fraud or material misrepresentation on us; or (3) 45 days before the effective date of cancellation if: (a) There has been a substantial change in the scale of risk covered by this policy; (b) Reinsurance of the risk associated with this policy has been cancelled; or (c) You have failed to comply with reasonable safety recommendations. B. The following is added to the Common Policy Conditions and supersedes any provision to the contrary. Nonrenewal 1. If we elect not to renew this policy, we will mail or deliver to the first Named Insured written notice of nonrenewal at least 45 days before: a. The expiration date of this policy, if the policy is written for a term of one year or less; or b. The anniversary date of this policy, if the policy is written for a term of more than one year. 2. We will mail or deliver our notice to the first Named Insured's last mailing address known to us. If notice is mailed, proof of mailing will be sufficient proof of notice. C. The Concealment, Misrepresentation or Fraud Condition is replaced by the following: Concealment, Misrepresentation or Fraud We will not pay for any loss or damage in any case of: 1. Concealment or misrepresentation of a material fact or 2. Fraud committed by an insured at any time and relating to a claim under this policy. Page 13/17

14 D. Loss Condition Transfer Of Subrogation Rights in the Commercial Inland Marine Conditions is replaced by the following: Transfer Of Rights Of Recovery Against Others To Us If any person or organization to or for whom we make payment under this Coverage Part has rights to recover damages from another, those rights are transferred to us to the extent of our payment. Our right to recover damages from another may be enforced even if the person or organization to or for whom we make payment has not been fully compensated for damages. i The person or organization to or for whom we make payment must do everything necessary to secure our rights and must do nothing after loss to impair them. But you may waive your rights against another party in writing: 1. Prior to a loss to your Covered Property. 2. After a loss to your Covered Property only if, at time of loss, that party is one of the following: a. Someone insured by this insurance; or b. A business firm: (1) Owned or controlled by you; or (2) That owns or controls you. This will not restrict your insurance. AXA-CHG-IN (08/13) Page 14/17

15 Earthquake Coveragei ii The Earth Movement Exclusion in the policy is deleted in its entirety. The policy is extended to cover physical loss or damage to Covered Property caused by earthquake. We shall not be liable for more than the peril-specific limit noted on the Declarations Page in any one occurrence. The policy does not otherwise insure loss or damage caused by sinkhole collapse, mine subsidence, landslide, or earth sinking, rising or shifting, expansion or contraction, any other shifting of earth, or volcanic action. Each loss thus caused shall constitute a single claim hereunder. If more than one earthquake-shock shall occur within any period of 72 hours during the term of this insurance, such earthquake-shocks shall be deemed to be a single earthquake. i AXA-END-EQ (08/13) Page 15/17

16 Covered Locationsii It is understood and agreed that in additional to the locations listed, locations covered under this policy include any and all buildings and locations owned by The University of Southern Indiana. MAN AIC i Page 16/17

17 U.S. TREASURY DEPARTMENT'S OFFICE OF FOREIGN ASSETS CONTROL ("OFAC") ADVISORY NOTICE TO POLICYHOLDERS No coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided. This Notice provides information concerning possible impact on your insurance coverage due to directives issued by OFAC. Please read this Notice carefully. The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listed numerous: Foreign agents; Front organizations; Terrorists; Terrorist organizations; and Narcotics traffickers; as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States Treasury's web site http// In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U.S. sanctions law or is a Specially Designated National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply. IL P ISO Properties, Inc., 2004 lk Page 17/17