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contract in the State of New York with the understanding that it
was pursuant to the free trade zone legislation, article 63 of
the New York Insurance Law.
Clause 2 of the Shippers Interest contract states:
[Petitioner] will provide space on its "Pick-Up Record"
which will be labeled "Declared value if in excess of
$100.00". A declared value indicated by the Named
Insured in the space provided shall evidence the
existence and the amount of this insurance subject to
limits of liability provided herein. This insurance
shall not apply unless a declared value is indicated by
the Named Insured in the space provided in * * *
[petitioner's] "Pick-up Record".
Clause 6 of the Shippers Interest contract generally
provided that NUF was not liable for the first $100 of the value
of the property, and in no event did NUF's liability exceed the
declared value for surface shipments and a maximum of $25,000 per
package for air shipments. The cancellation provision of the
contract stated:
This policy may be cancelled [sic] by the Named Insured
or * * * [petitioner] on behalf of the Named Insured by
mailing to the Company written notice stating when
thereafter such cancellation shall be effective. This
Policy may be cancelled [sic] by the Company by mailing
to the Named Insured or * * * [petitioner] at the
address shown in this Policy or last known address
notice stating when not less than thirty (30) days
thereafter such cancellation shall be effective. * * *
Under this provision, petitioner had the power to cancel the
Shippers Interest contract.
Clause 20 of the Shippers Interest contract addressed other
insurance and stated:
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