ONE YEAR RATE-LOCK ENDORSEMENT
This endorsement modifies insurance provided under the following:
PRIVATE CLIENT FLOOD POLICY
The following Paragraph 5. is added to Section VII. GENERAL CONDITIONS, Subsection H. Policy Renewal:
5. If a One Year Rate-Lock Endorsement is shown in the “Forms Attached and Special Conditions” section of the Declarations Page, then prior to the Policy Expiration Date of this policy, the Underwriters will offer renewal of this policy for the same rates that were in effect on the Policy Effective Date of this policy. Nevertheless, if you request an increase in your coverage including, but not limited to, adding contents coverage or increasing the amount of your building coverage, then the Underwriters will apply the rates currently in effect at the time of renewal, but only for that portion of the increased coverage. You may elect to accept the renewal offer by complying with the terms and conditions of the offer and all applicable policy terms and conditions, including those related to premium payment.
Notwithstanding the foregoing, the Underwriters are not required to offer you the opportunity to renew this policy if:
a. This policy is voided pursuant to Subsection B. Concealment or Fraud and Policy Voidance of Section VII. GENERAL CONDITIONS;
b. This policy is cancelled pursuant Subsection E. Cancellation of Policy by You of Section VII.GENERAL CONDITIONS;
c. This policy is non-renewed pursuant Subsection F. Non renewal of the Policy by Us of Section VII. GENERAL CONDITIONS;
d. Subsection G. Reduction and Reformation of Coverage of Section VII. GENERAL CONDITIONS applies to this policy;
e. Subsection I. Conditions Suspending or Restricting Insurance of Section VII. GENERAL CONDITIONS applies to this policy; or
f. The renewal of this policy would violate any law or regulation.
If the Underwriters are not required to offer you a renewal of this policy, then any non-renewal of this policy shall be effectuated in accordance with the applicable terms and conditions of this policy or applicable law.
All other terms and conditions of this policy remain the same.