Agenda - Council - 06/28/1988 - Laserfiche WebLink

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INVERSE CONDEMNATION EXTENSION ENDORSEMENT In consideration of the additional premium listed below, it is agreed that Exclusion d. under Coverage D, Errors or Omissions Liability, is amended to read as follows: d. To any claim for damages arising out of condemnation, inverse condemnation, adverse possession, or dedication by adverse use, but this exclusion does not apply to claims for inverse condemnation damages wherein: (1) The alleged taking of private property resulted from the application of a land use, zoning, building, subdivision or similar ordinance or regulation and not from a physical occupation, invasion, or use of the property; and (2) The alleged damage occurred on or after the retroactive date shown below but prior to a final determination by the courts that enforcement of the ordinance or regulation constitutes a taking of private property. A claim covered by this endorsement will be deemed to have been made when suit seeking damages for the wrongful taking of private property is filled against the 'city'. With respect to damages recoverable under this endorsement, the liability of LMCIT shall be limited to eighty-five (85) percent of the loss and loss adjustment expense to include legal defense costs and the total liability of LMCIT shall not exceed $600,000 per occurrence' and $600,000 in the aggregate annually. With respect to coverage provided by this endorsement, the basic extended reporting period and the sup- plemental extended reporting periods under Section VI - Conditions, are waived and .no exten'C1ed reporting Period is provided. ~...!' .~.~, " .",- ~ }. -'~ 't11~ ~ .~ ~,. 'pEC\- \i\C" ~- Addition Premium Endorsement Effective Date Retroactive Date $ All other terms and conditions remain unchanged. Authorized Signature ME042 (5/88) 1"7