THE ACME COMPANY and /or its Affiliated, Subsidiary, and Controlled Companies and/or Corporations which are more than 50% owned by The Acme Company or their subsidiary Companies or Corporations as Now Exist or may Hereafter be Constituted or Acquired Including Their Interests as May Appear in Partnerships and Joint Ventures, except as specifically excluded herein.
HEREINAFTER REFERRED TO AS THE INSURED."
Unless otherwise provided herein, loss, if any, shall be adjusted with Acme Company and payable as directed by it. The receipt of the payee(s) so designated shall constitute a release in full of all liability with respect to such loss.
PROPERTY INSURANCE PROGRAM
POLICY PERIOD: July 1, 1998 to July 1,2001, both dates at 12:01 A.M. Standard Time at the location of the property insured and for such further period or periods as may be mutually agreed upon.
PREMIUM: $5,280,000 payable Annually subject to Adjustment at each anniversary.
This Subscription Policy of various Underwriters (hereinafter referred to as the "Companies") for the percentages and interest of each listed in the Schedule of Insurers found herein is made and accepted subject to the foregoing provisions and stipulations and those hereinafter stated, which are hereby made a part of this Policy, together with such other provisions, stipulations and agreements as may be added hereto, as provided in this Policy. The conditions in the policy form shall supersede the printed conditions on the policy face.
INSURING AGREEMENTS
In consideration of the stipulations herein named and the premium specified the Companies do insure the Insured named, hereinafter called the Insured, whose address is shown above from the inception date shown at 12:01 A.M. (Standard Time) to the expiration date shown above, at 12:01 A.M. (Standard Time) for loss to covered property at the location(s) involved against the perils shown below to an amount not exceeding the amount specified, and described in this policy and/or endorsements attached hereto.