HomeMy WebLinkAboutPalm Springs Art Museum (PSAM) Art Sculptures Insurance Premium ao
CITY OF PALM DESERT
DEPARTMENT OF HUMAN RESOURCES
STAFF REPORT
REQUEST: APPROVAL TO FUND THE ANNUAL FINE ARTS COLLECTION
INSURANCE PREMIUM, IN THE AMOUNT OF $8,229.95, FOR ART
SCULPTURES LOCATED WITHIN THE ERIC JOHNSON
MEMORIAL GARDEN (FAYE SARKOWSKY SCULPTURE
GARDEN), PER THE LEASE AGREEMENT WITH THE PALM
SPRINGS ART MUSEUM.
SUBMITTED BY: Stephen Y. Aryan, Risk Manager
DATE: February 23, 2017
CONTENT: Artwork Valuation and Proposed Insurance Policy
Recommendation
By Minute Motion, approve $8,229.95 in funding for the annual fine arts
collection insurance premium for art sculptures located in the Eric Johnson
Memorial Garden (Faye Sarkowsy Sculpture Garden), per the lease agreement
with the Palm Springs Art Museum.
Strategic Plan
The strategic plan envisions Palm Desert as the cultural core of the Coachella Valley.
Insuring the artwork within the Faye Sarkowsky Sculpture Garden, valued at over $3
million, ensures that these unique and culturally significant pieces can be repaired or
replaced should there be a loss.
Background
The lease agreement between the Palm Springs Art Museum and City of Palm Desert
obligates the City to obtain insurance for the 12 sculptures currently installed in the non-
exclusive use area (Eric Johnson Memorial Garden and/or Multi-Sensory Garden) at the
Palm Springs Art Museum-Palm Desert. As many of these sculptures are on temporary
donation with the Museum, it is recommended that the City have the artwork insured via
their fine art broker, which the Museum recently changed to Willis of New York, Inc.
The California Joint Powers Insurance Authority has previously raised no objections on this
arrangement. There is no deductible for covered losses, with the exception for those as a
result of an earthquake. Any earthquake related loss is subject to a $25,000 deductible.
Staff Report: Fine Arts Collection Insurance Premium
February 23, 2017
Page 2 of 2
There are some policy exclusions including, but not limited to, electromagnetic weapons
radioactive contamination, biological weapons, and civil war. Staff recommends approval
of the aforementioned insurance policy and annual premium.
Fiscal Analysis
There are 12 sculptures currently installed in the Eric Johnson Memorial Garden (Faye
Sarkowsy Sculpture Garden), with a combined value of approximately $3.1 million and the
cost to insure these pieces is $8,229.95. Please note that this insurance premium is
approximately $3,000 less than last year's premium amount.
The current policy expired February 9, 2017, but the new carrier agreed to extended
coverage to this date, so that there is not a coverage gap. Please note that while there is a
deductible for earthquake losses ($25,000), all remaining covered losses are not subject to
a deductible.
Funds are available in Account No. 1104800-4388500.
Submitted By:
/ //
StephOn Y. ryan, Risk Ma ger
Reviewed By:
Lori Came EWefor of Human Resources
J net oore, Director of Finance/City Treasurer
Approval:
•
Lauri Aylaian, City Manager
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NYillis of Ness York, Inc
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Dear Policyholder:
We are pleased to advise that we have received confirmation from the insurance carrier that they have
bound coverage per your instructions and based on the information you have provided, and subject to the
terms and conditions of the policy attached herein.
The enclosed policy sets out the benefits and coverage of the insurance we have placed for you
in accordance with your instructions. We recommend that you read the policy very carefully.
We have reviewed your policy and believe that it is consistent with your instructions: however if
you consider the policy is not consistent with your instructions or if there are any errors or
discrepancies, please advise us as soon as possible.
Also enclosed you will find the invoice for this placement.
Please note the premium payment terms as previously set forth in the quote proposal. Your first payment
should be made within 30 days to the appropriate address found on page 2 of your invoice.
If you should need to report a claim under this policy, please contact your Willis Fine Art Representative
or any other member of the Willis Fine Art service team as soon as possible, within 90 days of the
discovery.
Please let us know if you have any questions or concerns.
Sincerely,
Your Willis Fine Art Representative
Willis of New York, Inc W'I I I C
. � ...
City of Palm Desert
City Hall
73510 Fred Waring Drive
Palm Desert, CA 92260
INSURANCE POLICY
Corporate Fine Arts Collection Insurance
Company: Underwriters Placed in London
Policy Number: 17433W17/14720W16
Effective: 9 February 2017 to 9 February 2018
Coverage placed with this insurer is issued pursuant to the surplus lines law and does not have the
protection of state guaranty or insolvency funds nor has the policy wording been reviewed by the
insurance department of the state.
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Willis of New York, Inc WIIIIS
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NAMED INSURED: City of Palm Desert
MAILING City Hall
ADDRESS: 73510 Fred Waring Drive
Palm Desert,CA 92260
POLICY PERIOD: 9 February 2017 to 9 February 2018 Both Days at 00:01 LST
NAMED Faye Sarkowsky Sculpture Garden. 72-567 Highway 1 1 1, Palm Desert, CA 92260
LOCATION(S):
INTEREST: Works of Art of all Kinds, as per schedule on file with Willis FAJS
INSURANCE Underwriters placed in London, London, England via Willis Limited(London)
COMPANY:
POLICY NUMBER: 17433 W 17/14720W 16
POLICY FORM: Willis FAJS Private/Corporate Fine Art Collections, as attached
POLICY TYPE: Private/Corporate Fine Art Collections Insurance
PREMIUM: $ 7,975
$ 239 California Surplus Lines Taxes
$ 15.95 California Stamping Fee
$8,229.95 TOTAL
LIMITS OF a. $3,190,000 Named Location(s)
LIABILITY: b. $3,190,000 In any one loss or disaster, either in case of partial or
total loss, or salvage charges or expenses or all
combined
e. $3,190,000 Earthquake, in the annual aggregate:
DEDUCTIBLE(S): $ -0- Each and every covered loss increasing to;
$ 25,000 loss or damage directly caused by earthquake, in respect of all covered
property.
Willis of New York, Inc
CONDITIONS: This Risk is subject to the attached wording and clauses, including but not limited to:
Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical and
Electromagnetic Weapons Exclusion Clause
Radioactive Contamination Exclusion Clause(USA Endorsement)
USA and Canada Endorsement for the Institute Radioactive Contamination, Chemical,
Biological, Bio-chemical and Electromagnetic Weapons Exclusion Clause
Small Additional or Return Premiums Clause
Institute Cyber Attack Exclusion Clause
War and Civil War Exclusion Clause
Several Liability Notice
Service of Suit Clause(USA)
Sanction Limitation and Exclusion Clause
Premium Payment Clause
Willis addendum to Premium Payment Clause
Lloyd's Privacy Policy Statement
ADDITIONAL Palm Springs Art Museum in Palm Desert. 72-567 Highway 1 l 1, Palm Desert, CA
INSURED AND 92260
LOSS PAYEE:
AUTHORIZED
SIGNATURES FOR
AND ON BEHALF I
OF
UNDERWRITERS A•u
PLACED IN
LONDON: Eric S. Fischer, Senior Vice President
Ri$4/10.
Robert F. Salmon, ACII, Managing Director
Willis of New York, Inc WIIIIS
POLICY WORDING
Private/Corporate Fine Arts Collection
COVERAGE
1. Property Covered: This policy covers tine arts and collectible objects of every description including but not
limited to paintings, etchings, drawings, photographs, ceramics, sculpture. pottery, porcelain, rare books, coins,
manuscripts, rugs,tapestries, statuary, and other bona tide works of art, rarity, historic value, or artistic merit, and
all associated property including but not limited to frames, glasses, shadow boxes. crates and other display
equipment, all consisting of the following:
(a) Property of the Insured, as per schedule on file with Willis Fine Art, Jewelry& Specie(Willis
FAJS):
(b) Property of others in the care, custody and control of the Insured as per schedule on file with
Willis FAJS;
(c) The Insured's interest in jointly owned property, but only to the extent of the Insured's interest at
the time of loss or damage as per schedule on file with Willis FAJS;
(d) Newly acquired property reported and added to the schedule on file with Willis FAJS within 90
days of acquisition.
2. Worldwide Coverage: Coverage is provided at any location worldwide and while in transit at any location
worldwide.
Prior notification and approval from the Company is required for any shipment by ocean going vessel.
3. Perils Insured Against: All risks of direct physical loss or damage from any external cause. except as
excluded below. Loss, if any, is payable to the Insured or order.
4. Policy Term: This policy shall attach at 12:01 A.M. Standard Time at the place of the Insured's premise as
shown on the Declaration Page or 12:01 A.M. Standard Time at the premises of the Insured.
5. Limits of Liability: This Company shall not be liable for more than the Limits of Liability stated on the
Declaration Page or elsewhere in this policy.
6. Deductible: Each claim for loss or damage separately occurring shall be adjusted separately and from the
amount of such adjusted claim the sum which is stated on the Declaration Page shall be deducted.
7. Premium: The premium for the policy term stated on the Declaration Page shall be due and payable as of the
attachment date.
Additions and deletions to schedule on file with Willis FAJS during the policy period are to be calculated and the
premium shall he adjusted at pro rata of respective annual rates at policy anniversary audit.
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Willis of New York, Inc WI
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EXCLUSIONS
This policy does not insure against loss or damage caused by:
(A) Wear and tear, gradual deterioration or inherent vice
(B) Moths, vermin or rodents
(C) Any repairing, restoration, or retouching process.
(D)War Risks:
(I) Hostile or warlike action in time of peace or war, including action hindering, combating or defending
against an actual, impending or expected attack by any government or sovereign power or by any
authority using military personnel or other agents;
(2) Insurrection, rebellion, revolution, civil war, usurped power, or action taken by governmental
authority in hindering, combating or defending against any of these;
This exclusion does not apply to items while on an international air transit.
(E) Government Action: Seizure or destruction under quarantine or customs regulations, confiscation by order
of any government or public authority, or risks of contraband or illegal transportation or trade.
(F) Nuclear Risks:
(1) Nuclear reaction or radiation or radioactive contamination from any cause however, direct loss or
damage by fire resulting from nuclear reaction or radiation or radioactive contamination is covered by
this policy.
(2)Any such weapon of war employing atomic fission or radioactive force whether in time of peace or
war;
(G)This policy does not cover shipments by mail unless by registered first class mail.
VALUATION
1. Basis of Valuation: In event of loss or damage, property covered by this policy shall be valued and insured as
follows:
(a) On property of the Insured: as per value stated on the schedule on file with Willis FAJS.
In the absence of a scheduled value, the Company shall not he liable beyond the current market value of the
property at the time any loss or damage occurs. The loss or damage shall be estimated according to such
current market value.
Willis of New York, Inc W'I(I c
(b) Property acquired or to be acquired by the Insured shall be valued at the purchase price. In no event,
however, shall this policy cover such property beyond the Insured's interest as stipulated in the contract or
other document executed between the Insured and the seller of said property.
Ascertainment or estimate of loss shall be made by the Insured and this Company, or if they differ then the
amount of loss shall be determined as provided under the Arbitration Clause of this policy.
The above basis of valuation applies irrespective of values declared for airfreight or other purposes.
2. Partial Loss: In case of partial loss due to the perils insured against, the amount of loss shall be the cost and
expense of restoration including any additional charges associated with such restoration.
Depreciation if any, after restoration, is covered and shall be agreed upon between the Insured and the Company
but in no event shall the Company he liable for more than the insured value of the property.
GENERAL CONDITIONS
1. Notice of Loss: The Insured shall as soon as practicable report to this Company or its agent every loss or
damage which may become a claim under this policy and shall also file a detailed sworn proof of loss with the
Company or its agent within ninety(90)days from the time loss is discovered. Written notice to Willis Fine Arts
Jewelry Specie shall constitute notice to this Company.
2. Settlement of Claims: All adjusted claims shall be paid or made good to the Insured within thirty (30)days
after presentation and acceptance by the Company of satisfactory proof of interest and loss.
3. Legal Action Against Company: No legal action may be brought against the Company unless it is
commenced within twelve(12) months following the discovery of the loss by the Insured. However, if such a
limit is invalidated by the laws of the state where the Insured is domiciled,then any legal action shall be void
unless it is commenced within the shortest limit of time permitted by the laws of such state.
4. Arbitration: If the Insured and the Company fail to agree as to the amount of loss, each shall, on the written
demand of either made within sixty(60)days after receipt of proof of loss by the Company. select a competent
and disinterested appraiser, and the appraisal shall be made at a reasonable time and place. The appraisers shall
first select a competent and disinterested umpire, and failing for fifteen(15) days to agree upon such umpire, then
on the request of the Insured or the Company, such umpire shall be selected by a judge of a court of record in the
state in which such appraisal is pending. The appraisers shall then appraise the loss, stating separately the current
market value at the time of loss(if applicable)and the amount of loss. and failing to agree shall submit their
differences to the umpire. An award in writing of any two shall determine the amount of loss. The Insured and
the Company shall each pay its chosen appraiser and shall bear equally the other expenses of the appraisal and
umpire. The Company shall not be held to have waived any rights by any act relating to appraisal.
5. Examination under Oath: The Insured shall submit, and so far as is within its power, shall cause the
Insured's employees to submit to examinations under oath by any persons named by the Company. relative to any
and all matters in connection with a claim and produce for examination all books of account, bills, invoices, and
Willis of New York, Inc WIIIIS
other vouchers or certified copies, at such reasonable time and place as may be designated by the Company or its
representatives. The Insured shall permit extracts and copies to be made of such material.
6. Protection of Property: In case of loss or damage. it is the duty of the Insured, its staff, representatives and
agents to take measures as may be reasonable for the purpose of averting or minimizing such loss. In addition to
any loss recoverable under this policy, the Company will reimburse the Insured for any charges properly and
reasonably incurred in pursuance of these duties.
Measures taken by the Insured or the Company with the object of saving, protecting or recovering the insured
objects shall not be considered a waiver or acceptance of abandonment or otherwise prejudice the rights of either
party.
7. Misrepresentation and Fraud: This policy shall be void if the Insured has concealed or misrepresented any
material fact or circumstance concerning this insurance, or in case of any fraud, attempted fraud or false swearing
by the Insured regarding any matter relating to this insurance, whether before or after loss.
8. Automatic Reinstatement: The limit of liability under this policy shall not be reduced by the payment of any
claim. The proportionate part of the whole policy premium represented by any such payment. however, shall
then be considered fully earned by the Company.
9. Pairs and Sets: In the event of the total loss of any articles which are part of a pair or set, the Insured has the
following options:
(A)The Company agrees to pay the full amount of the value of such pair or set as determined by the Valuation
Clause contained in this policy. If such option is elected, the Insured must surrender the remaining article or
articles of the pair or set to the Company; or
(B)The measure of loss or damage to such property shall be a reasonable and fair proportion of the total value of
the set, giving consideration to the importance of said property.
10. Loss Buy Back: The Insured shall have the right to repurchase from the Company property of the Insured
that is recovered for the amount paid to the Insured for the loss, plus an amount which represents loss adjustments
and recovery' expense.
Damaged property of the Insured, for which a total loss has been paid, may be repurchased by the Insured at its
fair market value at the time of the loss.
The Company agrees to notify the Insured of its right to repurchase damaged or recovered property and the
Insured shall have sixty(60)days from date of notice to exercise the repurchase right.
11. Packing: It is a condition of this insurance that the Insured will, to the best of their ability, provide for the
insured property to he packed and unpacked by competent packers.
Willis of New York, Inc W)I I I C
12. Excess Insurance: Permission is granted for the Insured to purchase excess insurance over the limit of
liability provided by this policy. Moreover, the existence of such excess insurance shall not reduce any liability
under this policy.
13. Collection from Others: No loss shall be paid under this policy if the Insured has collected the same from
others.
14. Subrogation: In the event of any payment under this policy the Company shall be subrogated to all the
Insured's rights of recovery against any person or organization and the Insured shall accomplish whatever is
necessary to preserve such rights.
15. Changes: The terms of this policy can only be altered by an endorsement issued with approval of the
Company and forming part of this policy.
15. Cancellation: This policy may be canceled by either the Insured or the Company by giving sixty (60)days
notice in writing to the other, and upon such cancellation the Insured shall pay premium to date of cancellation.
17. Each Company: The interest of each Company providing coverage under this policy is individual and not
joint, and whenever the right or privilege is retained by the Companies, such right or privilege may be exercised
by each Company independently.
18. Required By Law: Any provisions required by law to be stated in policies issued by the Company shall he
deemed to have been stated as part of this policy.
19. Other Insurance: If there is any other valid and collectible insurance covering the same property insured
under this policy, which in the absence of this insurance would cover the loss or damage, then this Company shall
not be liable for more than the excess over and above the other insurance.
Willis of New York, Inc
l
10/11/2003
Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical and Electromagnetic Weapons
Exclusion Clause
This clause shall be paramount and shall override anything contained in this insurance inconsistent
therewith
1. In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or
contributed to by or arising from
1.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste
or from the combustion of nuclear fuel
1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation,
reactor or other nuclear assembly or nuclear component thereof
1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or
radioactive force or matter
1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive
matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear
fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural,
medical, scientific or other similar peaceful purposes
1.5 any chemical, biological, bio-chemical, or electromagnetic weapon.
CL 370
RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE
(USA ENDORSEMENT)
This insurance(reinsurance) is subject to the Institute Radioactive Contamination, Chemical. Biological, Bio-
Chemical and Electromagnetic Weapons Clause CL.370 dated 10.11.03 provided that
If fire is an insured peril
and
where the subject matter insured or, in the case of a reinsurance,the subject matter insured by the original
insurance, is within the U.S.A. its islands, onshore territories or possessions
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Willis of New York, Inc Wi(l I C
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and
a fire directly or indirectly from one or more of the causes detailed in sub-clauses 1.1 and 1.2 of the Institute
Radioactive Contamination, Chemical. Biological, Bio-Chemical and Electromagnetic Weapons Clause CL.370
dated 10.I 1.03
any loss or damage arising directly from that fire shall, subject to the provisions of this insurance
(reinsurance), be covered. EXCLUDING however any loss damage liability or expense caused by nuclear reaction,
nuclear radiation or radioactive contamination arising directly or indirectly from that fire.
10/11/03
USA and Canada Endorsement for the Institute Radioactive Contamination, Chemical, Biological, Bio-
chemical and Electromagnetic Weapons Exclusion Clause—10/11/03
This policy is subject to the Institute Radioactive Contamination,Chemical, Biological, Bio-Chemical and
Electromagnetic Weapons Exclusion Clause 10/11/03 (RACCBE). The inclusion of RACCBE in this policy is
material to Underwriters' willingness to provide coverage at the quoted terms, conditions and rates.
It is the intent of the parties to give maximum effect to RACCBE as permitted by law.
In the event that any portion of RACCBE may he found to be unenforceable in whole or in part under the law of
any state, territory, district, commonwealth or possession of the U.S.A., or any province or territory of Canada. the
remainder shall remain in full force and effect under the laws of that state,territory, district, commonwealth or
possession, province or territory. Further, any such finding shall not alter the enforceability of RACCBE under the
laws of any other state, territory, district, commonwealth or possession of the U.S.A., or any province or territory
of Canada, to the fullest extent permitted by applicable law.
USCAN B
29/01/04
Willis of New York, Inc WIIIIS
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Small Additional or Return Premiums Clause
Notwithstanding. anything to the contrary contained herein and in consideration of the premium for which this
Insurance is written, it is understood and agreed that whenever an additional or return premium of US$2.00 or less
becomes due from or to the Assured on account of the adjustment of a deposit premium, or of any alteration in
coverage or rate during the term or for any other reason,the collection of such premium from the Assured will be
waived or the return of such premium to the Assured will not be made, as the case may be.
NMA 1 168
10/I 1/03
Institute Cyber Attack Exclusion Clause
1.1 Subject only to clause 1.2 below, in no case shall this insurance cover loss damage liability or expense
directly or indirectly caused by or contributed to by or arising from the use or operation, as a means for
inflicting harm, of any computer, computer system, computer software programme. malicious code,
computer virus or process or any other electronic system.
1.2 Where this clause is endorsed on policies covering risks of war, civil war, revolution, rebellion,
insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power, or
terrorism or any person acting from a political motive, Clause 1.1 shall not operate to exclude losses
(which would otherwise be covered) arising from the use of any computer, computer system or computer
software programme or any other electronic system in the launch and/or guidance system and/or firing
mechanism of any weapon or missile.
CL 380
War and Civil War Exclusion Clause
Notwithstanding anything to the contrary contained herein this Policy does not cover loss or damage directly or
indirectly occasioned by. happening through or in consequent of war, invasion, acts of foreign enemies, hostilities
(whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or
confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any
government or public or local authority.
NMA 464
Several Liability Notice
The subscribing Insurers' obligations under contracts of insurance to which they subscribe are several and not joint
and are limited solely to the extent of their individual subscriptions. The subscribing Insurers are not responsible
for the subscription of any co-subscribing Insurer who for any reason does not satisfy all or part of its obligations.
LSW 1001 (Insurance)08/94
Willis of New York, Inc WIIIIS
SERVICE OF SUIT CLAUSE (U.S.A.)
This Service of Suit Clause will not be read to conflict with or override the obligations of the parties to arbitrate
their disputes as provided for in any Arbitration provision within this Policy. This Clause is intended as an aid to
compelling arbitration or enforcing such arbitration or arbitral award. not as an alternative to such Arbitration
provision for resolving disputes arising out of this contract of insurance(or reinsurance).
It is agreed that in the event of the failure of the Underwriters hereon to pay any amount claimed to be due
hereunder, the Underwriters hereon, at the request of the Insured (or Reinsured). will submit to the jurisdiction of a
Court of competent jurisdiction within the United States. Nothing in this Clause constitutes or should be
understood to constitute a waiver of Underwriters' rights to commence an action in any Court of competent
jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a
case to another Court as permitted by the laws of the United States or of any State in the United States.
It is further agreed that service of process in such suit may be made upon Mendes and Mount, 750 Seventh
Avenue, New York,NY 10019-6829 and that in any suit instituted against any one of them upon this contract,
Underwriters will abide by the final decision of such Court or of any Appellate Court in the event of an appeal.
The above-named are authorized and directed to accept service of process on behalf of Underwriters in any such
suit and/or upon the request of the Insured(or Reinsured)to give a written undertaking to the Insured(or
Reinsured)that they will enter a general appearance upon Underwriters' behalf in the event such a suit shall be
instituted.
Further, pursuant to any statute of any state, territory or district of the United States which makes provision
therefor, Underwriters hereon hereby designate the Superintendent,Commissioner or Director of Insurance or
other officer specified for that purpose in the statute, or his successor or successors in office, as their true and
lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on
behalf of the Insured(or Reinsured)or any beneficiary hereunder arising out of this contract of insurance (or
reinsurance), and hereby designate the above-named as the person to whom the said officer is authorized to mail
such process or a true copy thereof.
I.MA5020
Sanction Limitation and Exclusion Clause
No(re)insurer shall he deemed to provide cover and no(re)insurer shall be liable to pay any claim or provide any
benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit
would expose that(re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the
trade or economic sanctions, laws or regulations of the European Union. United Kingdom or United States of
America.
JC2010/014
11 August 2010
Willis of New York, Inc WIIIIS
PREMIUM PAYMENT CLAUSE
The(Re)Insured undertakes that premium will be paid in full to Underwriters within 60 days of inception of this
policy(or, in respect of instalment premiums, when due).
If the premium due under this policy has not been so paid to Underwriters by the 60th day from the inception of
this policy(and, in respect of instalment premiums, by the date they are due) Underwriters shall have the right to
cancel this policy by notifying the(Re)Insured via the broker in writing. In the event of cancellation, premium is
due to Underwriters on a pro rata basis for the period that Underwriters are on risk but the full policy premium
shall be payable to Underwriters in the event of a loss or occurrence prior to the date of termination which gives
rise to a valid claim under this policy.
It is agreed that Underwriters shall give not less than 15 days prior notice of cancellation to the(Re)Insured via the
broker. If premium due is paid in full to Underwriters before the notice period expires, notice of cancellation shall
automatically be revoked. If not, the policy shall automatically terminate at the end of the notice period.
Unless otherwise agreed,the Leading Underwriter(and Agreement Parties if appropriate)are authorised to
exercise rights under this clause on their own behalf and on behalf of all Underwriters participating in this contract.
If any provision of this clause is found by any court or administrative body of competent jurisdiction to he invalid
or unenforceable, such invalidity or unenforceahility will not affect the other provisions of this clause which will
remain in full force and effect.
Where the premium is to be paid through a London Market Bureau, payment to Underwriters will he deemed to
occur on the day of delivery of a premium advice note to the Bureau.
1 1/0I
LSW3000
Willis addendum to Premium Payment Clause
Notice of cancellation in writing for the purpose of the Premium Payment Clause(LSW3001), shall be notice in
writing to the Group's Compliance officer at the Willis Building, 51 Lime Street. London EC3M 7DQ and
delivered by Registered Post or received and acknowledged personally by the Compliance Officer. The notice will
only be accepted if the risk is properly identified and includes at least the name of the insured, the Willis slip
reference number,the class of business and any other information which will enable the risk to be readily
identified. Further, for the avoidance of doubt, a notice of cancellation sent by e-mail to the Company shall not
constitute notice in writing for the purpose of the application of the Premium Payment Clause.
Willis of New York, Inc Wii
I I C
LLOYD'S PRIVACY POLICY STATEMENT
UNDERWRITERS AT LLOYD'S, LONDON
The Certain Underwriters at Lloyd's, London want you to know how we protect the confidentiality of your non-
public personal information. We want you to know how and why we use and disclose the information that we have
about you. The following describes our policies and practices for securing the privacy of our current and former
customers.
INFORMATION WE COLLECT
The non-public personal information that we collect about you includes, but is not limited to:
• Information contained in applications or other forms that you submit to us, such as name, address, and social
security number
• Information about your transactions with our affiliates or other third-parties, such as balances and payment
history
• Information we receive from a consumer-reporting agency. such as credit-worthiness or credit history
INFORMATION WE DISCLOSE
We disclose the information that we have when it is necessary to provide our products and services. We may also
disclose information when the law requires or permits us to do so.
CONFIDENTIALITY AND SECURITY
Only our employees and others who need the information to service your account have access to your personal
information. We have measures in place to secure our paper files and computer systems.
RIGHT TO ACCESS OR CORRECT YOUR PERSONAL INFORMATION
You have a right to request access to or correction of your personal information that is in our possession.
Willis of New York, Inc WIIIIS
i . . .� ...
CONTACTING US
If you have any questions about this privacy notice or would like to learn more about how we protect your privacy,
please contact the agent or broker who handled this insurance. We can provide a more detailed statement of our
privacy practices upon request.
06/03
LSW1135B
Willis of New York, Inc
London
ORDER HEREON: : 100%of premium and limits herein
EFFECTED WITH:
100.0000000% Underwriters placed in London, London. England via Willis Limited (London)
100.0000000%