Mortgagee Interest Policy

AGREEMENT

We will provide the insurance described in this Certificate in return for the premium and compliance with all applicable provisions of this Certificate and the Declarations, which is attached to and forms a part of this Certificate.

DEFINITIONS

In this Certificate, you and your refer to the financial institution shown as named insured in the Declarations.  We, us and our refer to the Company providing this insurance.  In addition, certain words and phrases are defined as follows:

1. Borrower refers to the person or persons who have entered into a lien or mortgage agreement with the named insured for the property shown as the described location in the Declarations.
2. Residential Property means the dwelling and other structures covered by this Certificate and shown as the described location in the Declarations.
3. Net Loan Balance means and is limited to only the unpaid principal balance plus earned interest as of the date of loss.
4. Actual Cash Value means the cost of replacing the damaged or destroyed property with a comparable new property, minus depreciation and obsolescence.
5. Described Location.  The legal description, or common street address, of real property which has been pledged under a valid deed of trust, mortgage document, or any other mortgage instrument as security for a loan made, assumed or serviced by an insured and upon which a building is situated.

6.   Dwelling.  A building designed for use as a residence for no more than four families or a mobile home.

• Mobile Home means:

a.   A building which satisfies the National Mobile Homes Construction and Safety Standards, as presently existing or hereafter amended, or the American Society of Civil Engineers Standard ANSI/ASCE 7-88.

b.   A manufactured home is a structure built on a permanent chassis, transported to its site in one or more sections and affixed to a permanent foundation.

COVERAGES

This insurance applies to the described location, coverages for which a Limit of Liability is shown and Perils Insured Against for which a premium is stated.

COVERAGE A – Dwelling

1. Property Covered

We cover

1. The 1-4 family dwelling on the described location shown in the Declarations, used principally for dwelling purposes, including structures attached to the dwelling;
2. Materials and supplies located on or next to the described location used to construct,  alter or repair the dwelling or other structures on the described location; and
3. If not otherwise covered in this Certificate, building equipment and outdoor equipment used for the service of and located on the described location.
4. Property Not Covered
5. Personal property of any kind.
6. Outdoor trees, shrubs, plants and lawns.
7. Outdoor swimming pools; fences, piers, wharves and docks; beach or diving platforms or appurtenances; retaining walls not constituting a part of buildings; walks, roadway; and other paved surfaces.
8. Cost of excavations, grading or filling.
9. Foundations of buildings, machinery, boilers or engines which foundations are below the surface of the ground.
10. Pilings, piers, pipes, flues and drains which are underground.
11. Pilings which are below the low water mark.
12. Land, including land on which the residential property is located.

COVERAGE B – Other Structures

We cover other structures on the described location, set apart from the dwelling by clear space. This includes structures connected to the dwelling by only a fence, utility line, or similar connection.

This coverage does not apply to land, including land on which the other structures are located.

We do not cover other structures used in whole or in part for commercial, manufacturing or farming purposes.

OTHER COVERAGES

1. Other Structures. You may use up to 10% of the Coverage A Limit of Liabilityfor loss by a Peril Insured Against to other structures described in Coverage B.

Use of this coverage does not reduce the Coverage A Limit of Liability for the same loss.

• Debris Removal. We will pay up to 10% of the Coverage A Limit of Liability for your reasonable expense for the removal of:
• Debris of covered property if a Peril Insured Against causes the loss; or
• Ash, dust or particles from a volcanic eruption that has caused direct loss to a dwelling.

Use of this coverage does not reduce the Coverage A Limit of Liability for the same loss.

• Reasonable Repairs.
• In the event that covered property is damaged by a Peril Insured Against, we will pay the reasonable cost incurred by you for necessary measures taken solely to protect against further damage.
• If the measures taken involve repair to other damaged property, we will pay for those measures only if that property is covered under this Certificate and the damage to that property is caused by a Peril Insured Against.  This coverage does not:

(1)  Increase the Coverage A Limit of Liability that applies to the covered property;

(2)  Relieve you of your duties, in case of a loss to covered property, as set forth in Condition 4.b.

4.   Property Removed.

We insure covered property against direct loss from any cause while being removed from a described location endangered by a Peril Insured Against and for no more than 30 days while removed.

This coverage does not change the Limit of Liability that applies to the property being removed. 

5.   Collapse.

a.   With respect to this Other Coverage:

(1)  Collapse means an abrupt falling down or caving in of a residential property or any part of a residential property with the result that the residential property or part of the residential property cannot be occupied for its current intended purpose.

(2)  A residential property or any part of a residential property that is in danger of falling down or caving in is not considered to be in a state of collapse.

(3)  A part of a residential property that is standing is not considered to be in a state of collapse even if it has separated from another part of the residential property.

(4)  A building or any part of a building that is standing is not considered to be in a state of collapse even if it shows evidence of cracking, bulging, sagging, bending, leaning, settling, shrinkage or expansion.

b.   We insure for risk of direct physical loss to covered property involving collapse of a residential property or any part of a residential property caused only by one or more of the following:

(1)  Perils Insured Against. These perils apply to covered residential property for loss insured by this Other Coverage;

(a)  Fire or Lightning

(b)  Windstorm or Hail

(c)  Explosion

(d)  Riot or Civil Commotion

(e)  Aircraft

(f)  Vehicles

(g)  Smoke

(h)  Vandalism or Malicious Mischief

(i)   Damage by Burglars

(j)  Falling Objects

(k)  Weight of Ice, Snow or Sleet

(l)   Accidental Discharge or Overflow of Water or Steam

(m) Sudden and Accidental Tearing Apart, Cracking, Burning or Bulging

(n)  Freezing

(o)  Sudden and Accidental Damage From Artificially Generated Electrical Current

(p)  Volcanic Eruption

(2)  Hidden decay;

(3)  Hidden insect or vermin damage;

(4)  Weight of contents, equipment, animals or people;

(5)  Weight of rain which collects on a roof;

(6)  Use of defective material or methods in construction, remodeling or renovation if the collapse occurs during the course of the construction, remodeling or renovation.

c.   Loss to an awning, fence, patio, pavement, swimming pool, underground pipe, flue, drain, cesspool, septic tank, foundation, retaining wall, bulkhead, pier, wharf or dock is not included under items b.(2) through (6) above unless the loss is a direct result of the collapse of a residential property or any part of a residential property.

d.   This coverage does not increase the Coverage A Limit of Liability that applies to the damaged covered property.

6.   Glass or Safety Glazing Material.

a.   We cover:

(1)  The breakage of glass or safety glazing material which is part of a covered residential property, storm door or storm window;

(2)  The breakage of glass or safety glazing material which is part of a covered residential property, storm door or storm window when caused directly by earth movement; and

(3)  The direct physical loss to covered property caused solely by the pieces, fragments or splinters of broken glass or safety glazing material which is part of a residential property, storm door or storm window.

• This coverage does not include loss to covered property which results because the glass or safety glazing material has been broken, except as provided in a.(3) above.

c.   This coverage does not increase the Coverage A Limit of Liability that applies to the damaged property.

7.   Ordinance Or Law.

a.   The Ordinance Or Law Limit of Liability determined in b. below will apply with respect to the increased costs due to the enforcement of any ordinance or law which requires or regulates:

(1)  The construction, demolition, remodeling, renovation or repair of that part of a covered residential property damaged by a Peril Insured Against;

(2)  The demolition and reconstruction of the undamaged part of a covered residential property, when that residential property must be totally demolished because of damage by a Peril Insured Against to another part of that covered residential property; or

(3)  The remodeling, removal or replacement of the portion of the undamaged part of a covered residential property necessary to complete the remodeling, repair or replacement of that part of the covered residential property damaged by a Peril Insured Against.

b.   If you are an owner of a described location, and that location is insured for Coverage A, you may use up to 10% of the Limit of Liability that applies to Coverage A at each described location.  This limit includes any resulting debris removal expense.

c.   We do not cover:

(1)  The loss in value to any covered residential property due to the requirements of any ordinance or law; or

(2)  The costs to comply with any ordinance or law which requires you or others to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize, or in any way respond to, or assess the effects of, pollutants in or on any covered residential property.

Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed.

This coverage is additional insurance.

PERILS INSURED AGAINST

COVERAGE A – DWELLING and

COVERAGE B – OTHER STRUCTURES

We insure against risk of direct loss to property described in Coverages A and B only if that loss is a physical loss to property; however, we do not insure loss:

1. Excluded under General Exclusions;
2. Involving collapse, other than as provided in Other Coverages 5;
3. Caused by:
4. Freezing, thawing, pressure or weight of water or ice, whether driven by wind or not, to a
5. Fence, pavement, patio or swimming pool;
6. Footing, foundation, bulkhead, wall, or any other structure or device that supports all or part of a building or other structure;
7. Retaining wall or bulkhead that does not support all or part of a building or other structure; or
8. Pier, wharf or dock;
9. Theft of property not part of a covered residential property or structure;
10. Theft in or to a dwelling or structure under construction;
11. Wind, hail, ice, snow or sleet to:
12. Outdoor radio and television antennas and aerials including their lead-in wiring, masts or towers; or
13. Trees, shrubs, plants or lawns;
14. Constant or repeated seepage or leakage of water or steam over a period of  weeks, months or years from within a plumbing, heating, air conditioning or automatic fire protective sprinkler system or from within a household appliance;

For purposes of this provision, a plumbing system or household appliance does not include a sump, sump pump or related equipment or a roof drain, gutter, downspout or similar fixtures or equipment;

• Any of the following:
• Wear and tear, marring, deterioration;
• Inherent vice, latent defect, mechanical breakdown;
• Smog, rust or other corrosion, fungi, mold, wet or dry rot.

Fungi means any type or form of fungus, including mold or mildew, and any mycotoxins, spores, scents or by-products produced or released by fungi;

• Smoke from agricultural smudging or industrial operations;
• Discharge, dispersal, seepage, migration release or escape of pollutants.

Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed;

• Settling, shrinking, bulging or expansion, including resultant cracking, of pavements, patios, foundations, walls, floors, roofs or ceilings; or
• Birds, vermin, rodents, insects or domestic animals.

If any of these cause water damage not otherwise excluded, from a plumbing, heating, air conditioning or automatic fire protective sprinkler system or household appliance, we cover loss caused by the water including the cost of tearing out and replacing any part of a residential property necessary to repair the system or appliance.  We do not cover loss to the system or appliance from which this water escaped.

For the purposes of this provision, a plumbing system or household appliance does not include a sump, sump pump or related equipment or roof drain, gutter, downspout or similar fixtures or equipment.

General Exclusion 1.c.  Water Damage, Paragraphs (1) and (3) that apply to surface water and water below the surface of ground do not apply to loss by water covered under 3.f.above.

Under items 1. and 2., any ensuing loss to property described in Coverages A and B not excluded or excepted in this Certificate is covered.

GENERAL EXCLUSIONS

1. We do not insure for loss caused directly or indirectly by any of the following. Such loss is excluded regardless of any other cause or event contributing concurrently or in any sequence to the loss.  These exclusions apply whether or not the loss event results in widespread damage or affects a substantial area.
2. Ordinance or Law.

Ordinance or Law means any ordinance or law:

• Requiring or regulating the construction, demolition, remodeling, renovation or repair of property, including removal of any resulting debris. This exclusion 1.a.(1) does not apply to the Limit of Liability that may be provided under Other Coverage 7. Ordinance or Law:
• The requirements of which result in a loss in value to property; or
• Requiring you or others to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize, or in any way respond to, or assess the effects of, pollutants.

Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste.  Waste includes materials to be recycled, reconditioned or reclaimed.

This exclusion 1.a. applies whether or not the property has been physically damaged.

• Earth Movement.

Earth Movement means:

(1)  Earthquake, including land shock waves or tremors before, during or after a volcanic eruption;

(2)  Landslide, mudslide or mudflow;

(3)  Subsidence or sinkhole; or

(4)  Any other earth movement including earth sinking, rising or shifting;

caused by or resulting from human or animal forces or any act of nature unless direct loss by fire or explosion ensues and then we will pay only for the ensuing loss.

• Water Damage, meaning:
• Flood, surface water, waves, tidal water, overflow of a body of water, or spray from any of these, whether or not driven by wind;
• Water or water-borne material which backs up through sewers or drains  or which overflows from a sump, sump pump or related equipment; or
• Water or water-borne material below the surface of the ground, including water which exerts pressure on or seeps or leaks through a residential property, sidewalk, driveway, foundation, swimming pool or other structure;

Caused by or resulting from human or animal forces or any act of nature.

Direct loss by fire or explosion resulting from water damage is covered.

d.   Power Failure, meaning the failure of power or other utility service if the failure takes place off the described location. But, if a Peril Insured Against ensues on the described location, we will pay only for that ensuing loss.

• Neglect, meaning your neglect to use all reasonable means to save and preserve property at and after the time of a loss.
• War, including undeclared war, civil war, insurrection, rebellion, revolution, warlike act by a military force or military personnel, destruction or seizure or use for a military purpose, and including any consequence of any of these. Discharge of a nuclear weapon will be deemed a warlike act even if accidental.
• Nuclear Hazard, to the extent set forth in the Nuclear Hazard Clause of the Conditions.
• Intentional Loss, meaning any loss arising out of any act committed:
  • By you or at your direction; and
  • With the intent to cause a loss.
• We do not insure for loss to property described in Coverages A and B caused by any of the following However, any ensuing loss to property described in Coverages A and B not excluded or excepted in this Certificate is covered.
• Weather conditions. However, this exclusion only applies if weather conditions contribute in any way with a cause or event excluded in paragraph 1. above to produce the loss;
• Acts or decisions, including the failure to act or decide, of any person, group, organization or governmental body;
• Faulty, inadequate or defective;
• Planning, zoning, development, surveying, siting;
• Design, specifications, workmanship, repair, construction, renovation, remodeling, grading, compaction;
• Materials used in repair, construction, renovation or remodeling; or
• Maintenance;

of part or all of any property whether on or off the described location.

CONDITIONS

1. Certificate Period. This Certificate applies only to loss which occurs during the Certificate period.
2. Insurable Interest.  Even if more than one person has an insurable interest in the property covered,  we will not be liable in any one loss:
3. For an amount greater than the interest of a person insured under this Certificate; or
4. For more than the applicable Limit of Liability as shown in the Declarations.

If the described location is vacant and the mortgage on the property has been declared in default by the mortgagee at the time of a loss, we shall pay no more than the named insured’s interest in the property at the time of loss unless the borrower participates in the claim.

The named insured’s interest is represented by the borrower’s net loan balance.

• Concealment or Fraud. We provide coverage to no persons insured under this Certificate if, whether before or after a loss, one or more persons insured under this Certificate have:
• Intentionally concealed or misrepresented any material fact or circumstance
• Engaged in fraudulent conduct; or
• Made false statements;
• relating to this insurance.
• Your Duties After Loss. In case of a loss to covered property, you must see that the following are done:
• Give prompt notice to us or our agent;
• (1)  Protect the property from further damage;
• Make reasonable and necessary repairs to protect the property; and
• Keep an accurate record of repair expenses;

c.   Cooperate with us or our representative in the investigation of a claim;

d.   As often as we reasonably require:

• Show the damaged property;
• Provide us with records and documents we request and permit us to make copies; and
• Submit to examination under oath, while not in the presence of any other named insured, and sign the same;

e.   Send to us, within 60 days after our request, your signed, sworn proof of loss which sets forth, to the best of your knowledge and belief:

• The time and cause of loss;
• Your interest and that of all others in the property involved and all liens on the property;
• Other insurance which may cover the loss;
• Changes in title or occupancy of the property during the term of the Certificate;
• Specifications of damaged residential property and detailed repair estimates.

• Loss Settlement.

In this Condition 5., the terms “cost to repair or replace” and “replacement cost” do not include the increased costs incurred to comply with the enforcement of any ordinance or law except to the extent that coverage for these increased costs is provided in Other Coverage 7. Ordinance Or Law. Covered property losses are settled as follows:

1. Property of the following types:
2. Awnings, carpeting, household appliances, outdoor antennas and outdoor equipment, whether or not attached to buildings; and
3. Structures that are not buildings;

at actual cash value at the time of loss but not more than the amount required to repair or replace.

b.   Buildings under Coverage A or B at replacement cost without deduction for depreciation, subject to the following:

We will pay the cost to repair or replace, after application of any deductible and without deduction for depreciation, but not more than the least of the following amounts:

(1)  The Limit of Liability under this Certificate that applies to the residential property;

(2)  The replacement cost of that part of the residential property damaged with material of like kind and quality and for like use;

(3)  The necessary amount actually spent to repair or replace the damaged residential property; or

(4)  The net loan balance at the time of loss.

If the residential property is rebuilt at a new premises, the cost described in (2) above is limited to the cost which would have been incurred if the residential property had been built at the original premises.

3. We will pay no more than the actual cash value of the damage until actual repair or replacement is complete. Once actual repair or replacement is complete, we will settle the loss as noted in b. above.

However, if the cost to repair or replace the damage is both:

• Less than 5% of the Limit of Liability in this Certificate on the residential property; and
• Less than $2,500;

we will settle the loss as noted in b. above whether or not actual repair or replacement is complete.

d.   You may disregard the replacement cost loss settlement provisions and make claim under this Certificate for loss to residential property on actual cash value basis.  You may then make claim for any additional liability according to the provisions of this Condition 5. Loss Settlement, provided you notify us of your intent to do so within 180 days after the date of loss.

• Loss To A Pair Or Set.

In case of loss to a pair of set we may elect to:

1. Repair or replace any part to restore the pair or set to its value before the loss; or
   1. Pay the difference between actual cash value of the property before and after the loss.
2. Glass Replacement. Loss for damage to glass caused by a Peril Insured Against will be settled on the basis of replacement with safety glazing materials when required by ordinance or law.
3. Appraisal. If you and we fail to agree on the amount of loss, either may demand an appraisal of the loss. In this event, each party will choose a competent appraiser within 20 days after receiving a written request from the other. The two appraisers will choose an umpire. If they cannot agree upon an umpire within 15 days, you or we may request that the choice be made by a judge of a court of record in the state where the described location is located. The appraisers will separately set the amount of loss. If the appraisers submit a written report of an agreement to us, the amount agreed upon will be the amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will set the amount of loss.

Each party will:

1. Pay its own appraiser; and
2. Bear the other expenses of the appraisal and umpire equally.

9.   Other Insurance.  If we have issued a Certificate of insurance because you have not received evidence of other acceptable insurance from the borrower and you subsequently receive such evidence, you shall immediately notify us and request coverage to be terminated on the described location.  Coverage on any described location provided under this Certificate will be terminated on the effective date of other acceptable insurance.

If there is any other valid or collectible insurance which would attach if the insurance under this Certificate had not been effected, this insurance shall apply only as excess and in no event as contributing insurance and then only after all other insurance has been exhausted.

10. Subrogation (Our Rights of Recovery).  In the event of any claim under this Certificate, we are entitled to all your rights of recovery against another person.  You must sign and deliver to us any legal papers relating to that recovery, do whatever else is necessary to help us exercise those rights and do nothing after loss to prejudice our rights.

When you have made a claim under this Certificate and also recover from another person, the amount recovered from the other person shall be held by you in trust for us and reimbursed to us to the extent of any damages paid by us under this Certificate.

1. Action Against Us. No action can be brought unless the Certificate provisions have been complied with and the action is started within one year after the date of loss.
2. Loss Payment. We will adjust all losses with the named insured.  Loss will be made payable to the named insured.  No coverage will be available to any mortgagee other than that shown as the named insured on the Declarations. Loss will be payable 30 days after we receive proof of loss and:
3. Reach an agreement with the named insured;
4. There is an entry of a final judgment; or
5. There is a filing of an appraisal award with us.

13. Deductible.  We will not pay for loss or damage in any one occurrence until the amount of loss or damage exceeds the deductible shown on the Declarations.  We will then pay the amount of loss or damage in excess of the deductible, up to the applicable Loss Settlement limit.

1. Abandonment of Property. We need not accept any property abandoned by you.
2. No Benefit to Bailee. We will not recognize any assignment or grant any coverage that benefits a person or organization holding, storing or moving property for a fee regardless of any other provision of this Certificate.

16. Cancellation.

1. The named insured may cancel this Certificate at any time by returning it to us or by letting us know in writing of the date cancellation is to take effect.
2. No cancellation may be effected more than thirty (30) days before the date such request is received by us; unless
3. There was other valid and collectible insurance coverage for the covered property, or
4. The named insured has obtained our prior approval.
5. We may cancel this Certificate only for the reasons stated below by letting you know in writing of the date cancellation takes effect. This cancellation notice may be delivered to the named insured, or mailed to the named insured at the named insured’s mailing address shown in the Declarations. Proof of mailing will be sufficient proof of notice.
6. When the named insured has not paid the premium, we may cancel at any time by letting the named insured know at least 10 days before the date cancellation takes effect.
7. When this Certificate has been in effect for less than 60 days and is not a renewal with us, we may cancel for any reason by letting the named insured know at least 10 days before the date cancellation takes effect.
8. When this Certificate has been in effect for 60 days or more, or at any time if it is a renewal with us, we may cancel:
   1. If there has been a material misrepresentation of fact which if known to us would have caused us not to issue the Certificate; or
   1. If the risk has changed substantially since the Certificate was issued.

This can be done by letting the named insured know at least 30 days before the date cancellation takes effect.

• When this Certificate is written for a period of more than one year, we may cancel for any reason at anniversary by letting the named insured know at least 30 days before the date cancellation takes effect.
• However, any individual Certificate shall automatically and immediately terminate, upon:
• Payment in full of the obligation assumed under the mortgage agreement, except in cases where the named insured has specified otherwise; or
• The effective date of other insurance obtained by the borrower which complies with the named insured’s requirements.
• When this Certificate is cancelled, the premium for the period from the date of cancellation to the expiration date will be refunded pro rata.
• If the return premium is not refunded with the notice of cancellation or when this Certificate is returned to us, we will refund it within a reasonable time after the date cancellation takes effect.

17. Non-Renewal. We may elect not to renew this Certificate. We may do so by delivering to the named insured, or mailing to the named insured at the named insured’s mailing address shown in the Declarations, written notice at least 30 days before the expiration date of this Certificate. Proof of mailing will be sufficient proof of notice.

18. Liberalization Clause. If we make a change which broadens coverage under this edition of our Certificate without additional premium charge, that change will automatically apply to your insurance as of the date we implement the change in your state, provided that this implementation date falls within 60 days prior to or during the Certificate period stated in the Declarations.

This Liberalization Clause does not apply to changes implemented through introduction of a subsequent edition of our Certificate.

1. Waiver or Change of Certificate Provisions.  A waiver or change of a provision of this Certificate must be in writing by us to be valid.  Our request for an appraisal or examination will not waive any of our rights.  No course of conduct nor any indulgences, waivers, extensions forbearances, non-enforcement of Certificate conditions, or the like, extended at or over any time or from time to time by the Company to the named insured or anyone shall waive, nullify, or modify any Certificate provision as to any other occasion or waive, nullify, or modify any other Certificate provision.
2. Assignment.  Assignment of this Certificate will not be valid unless we give our written consent.
3. Nuclear Hazard Clause
4. Nuclear Hazard means any nuclear reaction, radiation or radioactive contamination, all whether controlled or uncontrolled or however caused, or any consequence of any of these.
5. Loss caused by the nuclear hazard will not be considered loss caused by fire, explosion, or smoke, whether these perils are specifically named in or otherwise included within the Perils Insured Against.
6. This Certificate does not apply to loss caused directly or indirectly by nuclear hazard, except that direct loss by fire resulting from the nuclear hazard is covered.
7. Salvage and Recoveries.  When, in connection with any loss covered by this Certificate, any salvage or recovery is received subsequent to the payment of such loss, the loss shall be refigured on the basis of what it would have been settled for had the amount of salvage or recovery been known at the time the amount of loss was originally determined. Any amounts thus found to be due any party shall be promptly paid.
8. Volcanic Eruption Period. One or more volcanic eruptions that occur within a 72-hour period will be considered as one volcanic eruption.
9. Premiums.  The named insured is authorized to advance all funds to be recovered from the borrower for the insurance afforded and to act for such borrower in all matters pertaining to this insurance including receipt of notice of cancellation, and return premium, if any.

In Witness Whereof, we have caused this Certificate to be signed by our President and Secretary, but it shall not be valid unless countersigned on the Declarations by our authorized representative (where required by state law).