In a contractors' floater policy with a cross-liability clause, an exclusion for liability 'for damage to property owned by the Insured' refers only to property owned by the particular insured making the claim, not to property owned by other co-insureds. The two-step approach from Speno Rail applies: the cross-liability clause creates a prima facie meaning that 'the Insured' means the claiming insured, and the exclusion is then examined to see if anything requires a different reading. Acceptance by an insurer of a claim to which the policy does not extend cover cannot constitute a binding election.
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