Common use of Managing Agents Clause in Contracts

Managing Agents. The insurance under this section extends to include interruption of or interference with the business in consequence of damage to property at the premises of any managing agents employed or engaged to collect rent receivable, provided that: a) such rent receivable is not received by you as a direct result of the damage; b) the rent receivable is not outstanding for one hundred and twenty (120) days in excess of its due date prior to the damage at the managing agents’ premises; c) all reasonable steps to recover the rent receivable are taken; d) such rent receivable is not recoverable under any other policy; e) Our liability under this clause shall not exceed twenty percent (20%) of the sum insured on rent receivable.