Average. In the event of under-insurance, Insurers may reduce the amount of any claim settlement in the same proportion as the sum insured bears to the total value of the insured items.
Appears in 13 contracts
Sources: Terms of Business Agreement, Insurance Services Agreement, Terms of Business Agreement
Average. In the event of under-insurance, Insurers may reduce the amount of any claim settlement in the same proportion as the sum insured bears to the total value of the insured itemsitems or limit of indemnity.
Appears in 1 contract
Sources: Terms of Business Agreement