Posts Tagged ‘REPLACEMENT VALUE CLAUSE’

(Applicable only for equipments not exceeding 5 years old) Notwithstanding the provisions of Memo 2 – Basis of Loss Settlement (b), it is hereby declared and agreed that in the event and Insured equipment not exceeding 5 years old is destroyed, the basis of upon which the amount payable under the policy is to be calculated shall be ... Full story

It is understood and agreed that otherwise subject to the terms, exclusion, provision and conditions contained in the policy or endorsed thereon, where an insure items totally destroyed or damaged, the basis upon which the amount payable under the policy is to be calculated shall be the full replacement value of the item destroyed or damage. “Replacement Value” ... Full story

REPLACEMENT VALUE CLAUSE It is understood and agreed that otherwise subject to the terms, Full story