BASIS OF INDEMNITY. Basis of Indemnity shall be on Reinstatement Value. If the Sum Insured is less than the Reinstatement Value of the Glass insured, then the Insured shall be considered his own insurer for the difference between Sum Insured and the Reinstatement Value and accordingly shall bear a rateable proportion of the loss or damage. Each item of Glass insured, if more than one, shall be separately subject to this condition. PROVIDED that the Company will not be liable for any misdescription of the Glass insured and that unless expressly stated in the Schedule, all Glass insured shall be considered plain and of ordinary glazing quality and without embossing, silvering, lettering, bending or ornamental work of any kind. Further that the Company shall not be responsible for breakage of any lettering mentioned in the Schedule unless such breakage be caused by breakage of the Glass to which it is affixed. PROVIDED FURTHER that the due observance and fulfilment of the conditions contained herein or endorsed hereon shall so far as the nature of them respectively will permit, be deemed to be conditions precedent to the right of the Insured to recover hereunder.
BASIS OF INDEMNITY a) In cases where damage to an insured item can be repaired, the Company will pay expenses necessarily incurred to restore the damaged machine to its former state of serviceability plus the cost of dismantling and re-erection incurred for the purpose of effecting the repairs as well as ordinary freight to and from a repair shop, customs duties, if any, to the extent such expenses have been included in the Sum Insured. If the repairs are executed at a workshop owned by the Insured the Company will pay the cost of materials and wages incurred for the purpose of the repairs plus a reasonable percentage to cover overhead charges. No deduction shall be made for depreciation in respect of parts replaced except for
BASIS OF INDEMNITY. The Company hereby agrees to indemnify and hold harmless, the Manager, its directors, officers, employees, agents and their respective legal representatives, successors and assigns (each hereinafter referred to as an "Indemnified Party"), from and against any and all direct or consequential damages, costs, expenses, losses, claims, demands, liabilities and/or obligations, including, without limitation, reasonable counsel's fees (hereinafter referred to as "Damages"): (i) resulting from any breach of any warranty, representation, agreement or covenant of the Company set forth or incorporated by reference in this Agreement, or the discharge by the Manager of its obligations under this Agreement (except insofar as arising from the gross negligence or willful breach of this Agreement by the Manager or its employees or agents); or (ii) in any way related to the Company, and/or the obligations, liabilities or properties thereof or the Business, whether incurred or resulting from any state of facts heretofore or hereinafter arising (except insofar as any such Damages shall have arisen as a result of the gross negligence or willful misconduct of the Manager, its employees or agents in the performance of the Manager's duties hereunder).
BASIS OF INDEMNITY. In the event of Property insured being Damaged by any of the specified perils under Section I – Coverage for Your Home” or “Section II – Additional Protection”, We shall indemnify on the basis of Purchase/Invoice Price as per Section Sum Insured specified in the Policy Schedule or upto 10% of the Personal Possessions/Contents I (B) with an excess Rs.1000 for each and every claim. DEPRECIATION Claim payable will be reduced by depreciation calculated at 15% per annum from the date of manufacture, subject to maximum depreciation of 75% of the replacement cost.
BASIS OF INDEMNITY. The indemnity in respect of the Pedal Cycles covered under this section will be on the basis of ‘Market Value’ upto an amount as specified in the Policy Schedule with an excess of 2.5% of Sum Insured or minimum of Rs.250 for each and every claim. Our Liability shall be for upto 2 pedal cycles covered, only once during the Policy year.
BASIS OF INDEMNITY. (a) In cases where damage to an insured item can be repaired – the Insurers shall pay expenses necessarily incurred to restore the damaged machine to its former state of serviceability plus the cost of dismantling and re-erection incurred for the purpose of effecting the repairs as well as ordinary freight to and from a repair shop, customs duties and dues, if any, to the extent such expenses have been included in the sum insured. If the repairs are executed at a workshop owned by the Insured the Insurers shall pay the cost of materials and wages incurred for the purpose of repairs plus a reasonable percentage to cover overhead charges. No deduction shall be made for depreciation in respect of parts replaced, but the value of any salvage shall be taken into account. If the cost of repairs as detailed hereinabove equals or exceeds the actual value of the machinery insured immediately before the occurrence of the damage the item shall be regarded as destroyed and settlement shall be made on the basis provided for in (b) below.
BASIS OF INDEMNITY a. In cases where damage to an insured item can be repaired the Company will pay expenses necessarily incurred to restore the damaged equipment to its former state of serviceability plus the cost of dismantling and re-erection incurred for the purpose of effecting the repairs as well as ordinary freight to and from a repair-shop, customs duties and dues if any, to the extent such expenses have been included in the Sum Insured. If the repairs are executed at a workshop owned by the Insured, the Company will pay the cost of materials and wages incurred for the purpose of the repairs plus a reasonable percentage to cover overhead charges. No deduction shall be made for depreciation in respect of parts replaced, except those with limited life, but the value of any salvage will be taken into account. If the cost of repairs as detailed hereinabove equals or exceeds the actual value of the equipment insured immediately before the occurrence of the damage, the settlement shall be made on the basis provided for in (b) below.
BASIS OF INDEMNITY. If You are the Owner-Occupant, the additional rent borne by You is arrived at after deducting the standard rent of the premises from the actual rent paid for the alternative accommodation. The standard rent shall be based on the ratable values fixed by the Municipal/Revenue authorities for tax purposes. • If You are a tenant only and for safeguarding Your legal tenancy rights are obliged to pay rent for the premises even during the period when it is not fit for occupation, the additional rent borne by You is the actual rent for the alternative accommodation. • If You are a tenant and are not obliged to pay rent for the Insured Home during the period when it is not fit for occupation, the additional rent borne by You is the actual rent paid for alternative accommodation taken less the rent which You were paying for the premises immediately prior to the same being Damaged or destroyed by Insured Perils and rendered unfit for occupation.
BASIS OF INDEMNITY. Basis of Indemnity under the Policy will be on reinstatement value basis.
BASIS OF INDEMNITY. (a) Subject to the terms and conditions of this Article XII, from and after the Closing, the Shareholders shall, severally but not jointly in accordance with their respective Allocated Shares (as set forth in the Funds Flow), indemnify and hold harmless the Purchaser Parties and each of their respective Affiliates (including, without limitation, the Company after the Closing) and each of the directors, officers, agents, representatives, successors and assigns of the Purchaser Parties and their respective Affiliates (each a “Shareholder Indemnified Party”) from and against all damages, Taxes, penalties, fines, costs, expenses, losses, claims, actions, proceedings, demands, liabilities and/or obligations, including, without limitation, reasonable fees and disbursements of counsel, but excluding consequential, special, indirect and punitive damages except (i) to the extent payable to a third party pursuant to a Third Party Claim (as defined below), (ii) to the extent a court of competent jurisdiction awards any such Damages (including, without limitation, lost profits or diminution in value) to the Shareholder Indemnified Party, or (iii) in the case of an Excluded Claim (collectively, the “Damages”), arising from, relating or in any way sustained or incurred by reason of:
