Guarantee summary under contract n° 5138048.411 taken out with Ace European Group Limited intended for Tenants

R E N T A L - C A N C E L L A T I O N
I N S U R A N C E



PM Conseil Assurances
Conseil et Courtage en assurance
11, place du Marché Couvert
BP 4
91222 Brétigny sur Orge Cédex.
Phone : 01 60 84 75 45.
Fax   : 01 60 84 52 46.
Courriel : pm-conseil-assurances@wanadoo.fr
R.C.Corbeil - Essonnes A 312 509 425 - Siret 312 509 425 00061 - Code APE 672 Z

Financial coverage and Civil Liability Insurance
in accordance with articles L.530.1 and L.530.2 du of the Insurance Code

This agreement is entered into by the SUBSCRIBER :
Provence Villas Sélection
Consultec, Technopôle
CH-3960 SIERRE
Phone : 0041 (0)22 548 3462

And its purpose is to cover :

Definition : The Insured is the Tenant of the stay, his or her spouse or concubine, their relatives in the ascending or descending lines, sons in law, daughters in law, brothers,, sisters or persons mentioned or designated.

1. Coverage : Property damage as a result of fire, explosion, water damage, within a limit of EUR 15 245.

2. Glass coverages : within a limit of EUR 2 287 including EUR 137 for temporary closing costs. Relative excess of EUR 100.00 per claim.

3. Other damages to property rented belonging to the owne : within a limit of EUR 2 287 for all damages occurring during the stay period. Relative excess of EUR 100.00 per claim.

4. Civil liability
4.1. Within a limit of EUR 1 524 490 for every liability of the renter to the owner within a limit of EUR 457 347 for neighbour and third party claims.

4.2. The Insurer guarantees the owner of rented premises against the financial consequences of any civil liability he may incur in connection with bodily injuries, material damage and losses caused to the renters or occupiers as a result of an accidence in connection with the facilities and/or things of the rented premises within a limit of EUR 1 524 490 for bodily injuries and EUR 38 112 for material damages and financial losses.

The SUBSCRIBER states that he is acting both for his account and on behalf of tenants of holiday accommodations spending holidays in the villas, furnished apartments or other facilities of the SUBSCRIBER (mobile - homes, chalets...).


CANCELLATION INSURANCE :
Refund of amounts paid for the price of the stay after deducting the insurance premium, including the related rental services, which the Insured should pay in the event of cancellation as a result of the following events :

1. Insured’s serious disease, serious injury or death, Serious disease or injury is to be understood as any alteration of the health or any bodily injury preventing the Insured from leaving the home or hospital where the Insured is being treated on the date of departure as proven by a work leave certificate or doctor’s certificate indicating the above-mentioned prevention or preventing the practice of the main activity of the stay.

Relapses or previous sicknesses or injuries are covered provided the sickness or accident did not arise in the MONTH preceding the reservation date.

Regarding Sickness/Accident events involving the Cancellation coverage, the Insured shall give access to his medical records to the Company’s doctor, failing which no guarantee will be effective.

2. Fire, explosion, theft, water damage or natural event resulting in significant damages at the Insured’s home and occurring prior to his departure or during the stay and requiring his presence on the site of the event or at his second home or company.

3. Prevention from taking possession of the rented property as a result of the dismissal or transfer of the Insured, provided the date of the event is after the reservation date.

EXCLUSION : Dismissal for serious misconduct.

4. Prevention from reaching the resort by road, railroad, plane on the date of the beginning of the stay and within the following 48 hours : as a result of roadblocks, strikes, floods or natural events preventing traffic, certified by the relevant authority, Insured’s car accident, theft or attempted theft of the Insured’s vehicle within one month before the stay beginning date.

5. As a result of changes in the Insured’s holiday dates by the Insured’s employer.

IN THE EVENT OF A STAY INTERRUPTION OR ENTRY POSTPONING :
The refund of the stay price shall be calculated in proportion of the time unused as a result of the interruption, resulting from any of the events listed in the Cancellation coverage - & 1, 2, 3, 4, 5.


SPECIFIC CANCELLATION EXCLUSIONS :
It is agreed that the coverage shall not be effective in any of the situations specified below :

Sickness or accident that the Insured is aware of upon reserving, resulting in treatment during the month before the rental reservation date.

Pregnancy except for any complications due to that condition, miscarriage, birth and consequences, within one month before the effective reservation date.

For thermal treatment, need for aesthetic treatment (except as a result of an accident or sickness), psychiatric or psychotherapeutic treatment, including nervous breakdown.

Sickness or accident due to alcoholism, drunkenness, use of non medically prescribed medicines, drugs, narcotics.

Accident caused by the practice of sport : flying, bobsleigh, skeleton, mountain climbing, ice hockey, car sports, scuba-diving.


OWNER CANCELLATION :
The Insurer guarantee the financial consequences of the owner’s contractual liability to the tenant due to the unavailability of the rented premises as a result of any of the following events, occurring before the stay :

Owner’s death, sickness or serious accident,

Transfer of title as a result of sale,

Damages to premises preventing the use, resulting from fire, explosion, implosion, smoke, water damages, theft or vandalism, storm or other natural events including natural disasters.

Compensation : The compensation shall be based on the difference between the rehousing rental if possible and the cancelled rental, within a limit of 25 % of the cancelled contract.

Should no rehousing be offered, the compensation shall be equal to the amount of the instalment or deposit plus 25 %.

It is specified that the owner and/or SUBSCRIBER shall not be compensated for cancelled rental.


RESCUE COSTS :
The Insurer insures search and rescue costs incurred by an authorised organisation to rescue the Insured, his or her spouse or concubine, their relatives in the ascending or descending lines or persons designated in the rental contract within a limit of EUR 2 287 after deducting a EUR 77 excess.

These conditons are valid as from 02/07/2005