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p. Recoveries <br />(b) In the United States of America <br />(1) Any recoveries, whether effected before <br />dollar equivalent, determined by the <br />or after any payment under this <br />rate of exchange published in The <br />insurance, whether made by us or by <br />Wall Street Journal on the day the <br />you, shall be applied net of the expense <br />loss was "discovered". <br />of such recovery: <br />(2) 'Securities <br />(a) First, to you in satisfaction of your <br />Loss of "securities" but only up to and <br />covered loss in excess of the amount <br />including their value at. the close of <br />paid under this insurance; <br />business on the day the loss was <br />(b) Second, to us in satisfaction of <br />"discovered". We may, at our option: <br />amounts paid in settlement of your <br />(a) Pay the market value of such <br />claim; <br />"securities" or replace them in kind, <br />(c) Third, to you in satisfaction of any <br />in which event you must assign to us <br />Deductible Amount; and <br />all your rights, title and interest in <br />and to those "securities'; or <br />(d) Fourth, to you in satisfaction of any <br />loss not covered under this <br />(b) Pay the cost of any Lost Securities <br />insurance. <br />Bond required in connection with <br />issuing duplicates of the "securities". <br />(2) Recoveries do not include any recovery: <br />However, we will be liable only for <br />(a) From insurance, suretyship, <br />the payment of 'so much of the cost <br />reinsurance, security or indemnity <br />of the bond as would be charged for <br />taken for our benefit; or <br />a bond having a penalty not <br />(b) Of original "securities" after <br />exceeding the lesser of the: <br />duplicates of them. have been <br />(i) Market value of the "securities" at <br />issued. <br />the close of business on the day <br />q. Territory <br />the loss was "discovered'; or <br />This insurance covers loss that you sustain <br />(ii) Limit of Insurance applicable to <br />"securities". <br />i resulting directly from an occurrence" <br />the <br />taking place within the United States of <br />(3) Property Other Than Money And <br />America (including its territories and <br />Securities <br />possessions), Puerto Rico and Canada. <br />(a) Loss of or damage to "other <br />r. Transfer Of Your Rights Of Recovery <br />property" or loss from damage to the <br />Against Others To Us <br />"premises" or its exterior for the <br />You must transfer to us all your rights of <br />replacement cost of the property <br />recovery against any person or organization <br />without deduction for depreciation. <br />for any loss you sustained and for which we <br />However, we will not pay more than <br />have paid or settled. You must also do <br />the least of the following: <br />everything necessary to secure those rights <br />(i) The Limit of Insurance applicable <br />and do nothing after loss to impair them. <br />to the lost -or damaged property; <br />s. Valuation = Settlement <br />(ii) The cost to replace the lost or <br />The value of any loss for purposes of <br />damaged property with property <br />of comparable material and <br />coverage under this insurance shall be <br />determined as follows: <br />quality and used for the same <br />purpose; or <br />(1) Money <br />(iii) The amount you actually spend <br />Loss of "money" but only up to and <br />that is necessary to repair or <br />including its face value. We will, at your <br />replace the lost or damaged <br />option, pay for loss of "money" issued by <br />property. <br />any country other than the United States <br />of America: <br />(a) At face value in the "money" issued <br />by that country; or <br />159 <br />CR 00 21 11 15 © Insurance Services Office, Inc., 2015 Page 11 of 15 <br />