10/09/1995 Council Packet - Laserfiche WebLink

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3: iarTcellation a. You may cancel this policy by surrender thereof to us or to any of our authorized agents, or by mailing to us advance written notice of cancellation. b. You may cancel any Memorandum of Insurance issued by you in accordance with Section IV. of this policy by surrender thereof to us or to any of our authorized agents, or by mailing to us advance written notice of cancellation signed by the insured named in that Memorandum of Insurance. c. We may cancel this policy by mailing to you and to each insured to whom you have issued a Memorandum of Insurance written notice of cancellation at least 30 days prior to the effective date of the cancellation. Proof of mailing will be sufficient proof of notice. d. Notice of cancellation will state the effective date of cancellation. The "policy period" will end on that date. Any unearned premium will be refunded. 4. Other Insurance This policy does not cover any claim which is insured or would, but for the existence of this policy, be insured by any other existing policy except that this policy will apply as excess insurance over and above the amount which would have been payable under such policy had this policy not been issued. 5. Transfer of Your Rights and Duties Your rights and duties under this policy, and the rights and duties of any other insured, may not be transferred without our written consent. 6. Declarations By acceptance of this policy, you agree that the statements in the Declarations are your agreements and representations, that this policy is issued in reliance upon the truth of such representations and that this policy embodies all agreements existing between you and us or any of our agents relating to this insurance. SECTION X. DEFINITIONS 1. "Claims expenses" means all fees, costs and expenses result- ing from the investigation, adjustment, defense and appeal of a claim, suit or proceding arising in connection therewith, rf incurred by us, or by an insured with our written consent. However, "claims expenses" does not include salaries or other expenses of our regular employees. 2. "Policy period" means the 12 consecutive calendar months beoinning viith and immediately following the effective date specified in Item 2_ of the Declarations. Thereafter, each separate ensuing period of 12 consecutive calendar months is a new "policy period". MUTUALS - PARTICIPATION CLAUSE WITHOUT CONTINGENT LIABILITY: No Contingent Liability: This policy is nonassessable. The policyholder is a member of the Company and shall participate, to the extent and upon the conditions fixed and determined by the Board of Directors in accordance with the provisions of law, in the distribution of dividends so fixed and determined. MUTUALS - MEMBERSHIP AND VOTING NOTICE: The insured is notified that by virtue of this policy, he or she is a member of the Federated Mutual Insurance Company of Owatonna, Minnesota, and is entitled to vote either in person or by proxy at any and all meetings of said Company. The Annual Meetings are held in its Home Office in Owatonna, Minnesota, on the third Tuesday of April in each year at ten o'clock A.M. PM -135 Ed. 7-86 S«<tnr Page 3 of 3 Printed in U.S.A.