CLAIM SETTLEMENT CLAUSE

  1. Insurers shall under this section, subject to the terms and conditions of the Policy, indemnity the Insured on the basis of the full cost of repairing, reinstating, or replacing property lost or damage even though such costs may vary from the original construction costs excluding Value Added Tax (PPN)
  2. It is agreed that all money properly due in settlement of claim under this section of the policy shall be paid to ………….. or their order.

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