If the Property Insured includes property which has a measurable output and  which is capable of replacement with a new item or items which perform a similar function when such property shall be valued for insurance purposes as follows, and values for the settlement of any loss destruction or damage in respect thereof shall be on the same basis :

If property lost, destroyed or damaged is to be replaced by an item or items which have a greater total  output and the replacement value is no greater than the value insured of the property damaged or destroyed  then no deduction shall be made from any claim for the improved output.

Provided  that in the event of partial loss destruction or damage where property are to be repaired this policy shall pay the cost  of restoration of the lost, destroyed or damaged property to a condition substantially the same but not better or more  extensive than its condition when new and provided further that the liability of the company shall not exceed the sum  representing the cost which the company could have been called upon to pay if such property had been wholly lost destroyed or damaged.

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