Newly Acquired Property Clause Samples
The "Newly Acquired Property" clause defines how insurance coverage extends to property that is obtained by the insured after the policy has begun. Typically, this clause automatically provides temporary coverage for new assets such as buildings, equipment, or inventory, subject to certain limits and notification requirements. Its core function is to ensure that newly purchased or acquired property is protected immediately, reducing the risk of uninsured losses during the period before the insurer is formally notified and the policy is updated.
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Newly Acquired Property. Property which is newly acquired; or improvements, alterations or additions to currently covered property, made during the current policy period, will be automatically covered for a period of sixty (60) days. Such properties and improvements must be reported, in writing, and the proper premium paid during this sixty (60) day period or coverage will be discontinued and any claims associated with such property will be voided.
Newly Acquired Property. If you acquire another boat or motor, boat trailer or miscellaneous equipment in addition to or as a replacement for the described property, we will insure the newly acquired property for a period not exceeding 30 days from the date of acquisition. We shall be liable only for the amount of insurance on the property that you sold, or retained, or the purchase price of the new property, whichever is less, except that a maximum limit of $5,000 will apply to newly acquired miscellaneous equipment.
Newly Acquired Property. If you acquire any additional data, media or equipment, we will automatically insure these under this form for up to $2,000 provided you notify us within 30 days of acquiring such new property. You are insured against All Risks if direct physical loss or damage subject to the exclusions and conditions which follow.
Newly Acquired Property. The Borrower shall (i) notify the Collateral Agent with respect to any interest acquired by the Borrower or any of its Consolidated Subsidiaries in any Property after the date hereof (including by acquisition of any Person which becomes a Consolidated Subsidiary of the Borrower, but excluding any Property acquired in a transaction or a series of transactions where the consideration paid or delivered in exchange therefor is or has a value less than $500,000 or such Property consists of Mobile Equipment) not less than five (5) Business Days after such acquisition, and (ii) not later than sixty (60) days after request by the Collateral Agent or the Lenders, cause the Borrower or such Consolidated Subsidiary which acquires such Property to mortgage, assign or grant a security interest in such Property to the Collateral Agent, for the benefit of the Lenders, and, after, and to execute and deliver such other documentation, evidence of ownership interests and other information regarding such Property as the Collateral Agent may reasonably request, including Code financing statements, environmental assessments, corporate resolutions and other corporate documentation, opinions of counsel and evidence of title, all in form and substance reasonably satisfactory to the Collateral Agent [; provided, however, that unless an Event of Default is in existence, if the consent of a third party is necessary to the granting of a security interest, mortgage or assignment, the Borrower or Consolidated Subsidiary which acquires such Property shall not be required to grant a security interest, mortgage or assignment in such Property to the Collateral Agent if the Borrower or Consolidated Subsidiary, as the case may be, has used commercially reasonable efforts to obtain such consent and the consent has not been granted].
Newly Acquired Property. If you acquire any additional trailers, we will automatically insure these under this rider provided that you notify us within 30 days. We will not pay more than the amount(s) of insurance shown on your coverage summary page. This extension only applies to newly acquired trailers of a type already insured under this coverage.
Newly Acquired Property. Any insurance provided under this Coverage Agreement for Newly Acquired Property is extended to the coverage provided by this endorsement. The most we will pay for loss or damage to Newly Acquired Property is $2,000,000 unless otherwise shown in a schedule.
Newly Acquired Property. We cover mobile farm machinery and equipment that you acquire during the policy period which are not replacement items. This property must be reported to us within 30 days from the date you acquire it. Coverage will cease for property not reported to us during this 30-day period. Premium will be charged from the date that you acquire the property. We cover these items for their actual cash value. The most that we will pay for all such items is 25 percent of the total limit of coverage shown on the declarations for all covered items. This coverage will end at the earliest of the following:
Newly Acquired Property a. Coverage -- "We" cover direct physical loss or damage caused by a covered peril to "boats" up to 30 feet in length, "motors", and "boat trailers" that "you" acquire during the policy period. "You" must provide "us" with a complete description of each item.
Newly Acquired Property. This Policy is extended to cover newly acquired property of a nature and quality similar to those insured hereunder rented, chartered, purchased or acquired by the Insured during the term of this Policy provided an itemized list of such additional property, together with the amount of insurance required for each item, is furnished in writing to Insurers within sixty (60) days from the date such additional property was rented, chartered, purchased or acquired by the Insured. This policy shall cease to insure such newly acquired property if not reported to Insurers within the sixty (60) days reporting period. The premium for the coverage granted by this endorsement shall be calculated at pro rata of the rate charged for property of a similar nature and quality currently insured under this Policy effective from the date of acquisition. In respect of newly acquired property added under this endorsement the Limit of Insurance for any one item shall be limited to the amount declared on the Declarations for Newly Acquired Property.
Newly Acquired Property a. Coverage -- "We" cover direct physical loss or damage caused by a covered peril to "golf carts" and "golf cart trailers" that "you" acquire during the policy period.