Common use of Newly Acquired Property Clause in Contracts

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.