Basis of Settlement. Unless otherwise provided, the Insurer is not liable beyond the actual cash value of the property at the time any loss or damage occurs and the loss or damage shall be ascertained or estimated according to such actual cash value with proper deduction for depreciation, however caused, and shall in no event exceed what it would then cost to repair or replace the same with material of like kind and quality.
Basis of Settlement. Xxxx, Xxxxx and Collections
Basis of Settlement. 5.4 Zurich will pay the costs actually incurred in rebuilding or repairing any hidden Fixtures or structural parts of Your Home to the same condition and extent as when new.
Basis of Settlement. The Company’s liability for loss to Insured Property which is damaged is as follows:
Basis of Settlement. 6.4 Zurich may at its sole discretion, arrange for repair or pay the cost of replacement or repair in respect of the item insured that is lost or damaged, less an amount for wear and tear for clothing. If the item is lost or damaged beyond economical repair, Zurich will only pay the resale market value as at the time of damage or loss. Sets, Pairs and Collection
Basis of Settlement. 7.4 Zurich may at its sole discretion, arrange for repair or pay the cost of replacement or repair in respect of the item insured that is lost or damaged. If the item is lost or damaged beyond economical repair, Zurich will pay the agreed value of the item individually listed in the Schedule but not exceeding the fair market value of each item as at the time of damage or loss. The burden of proof shall lay with You to adequately show to Us satisfaction that the individual value given in respect of the insured item represents no more than their current fair market value at the time of damage or loss. For a claim for partial loss or damage to any item insured, Zurich will only pay the reasonable and necessary cost and expenses of restoration and not exceeding the full fair market value or the agreed value of the item whichever is lower. Under this section, the term ‘fair market value’ means the price that would reasonably be expected to be paid for the interest by a willing buyer to a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Basis of Settlement a. If within a reasonable time after the loss or damage you replace or repair the loss or damage to your unit with materials of similar quality, we will pay for the actual cost of repairs or replacement, whichever is the lesser, without deduction for depreciation;
Basis of Settlement. Subject to the “General Conditions” of the policy, we will pay for any insured loss or damage arising out of an occurrence, up to the applicable amount(s) of insurance. After each occurrence, you remain covered for the same amounts of insurance. Any payment for loss or damage will not reduce the amounts of insurance provided by this policy. If any property is subject to more than one limitation, only the lowest limitation will apply.
Basis of Settlement. In the event of damage to property insured under this section the basis of reinstatement shall be as follows:
Basis of Settlement. (a) We will at Our option (i) pay the cost of repairs to Your Vehicle, or (ii) pay in cash the amount of the loss or damage to Your Vehicle, or (iii) reinstate or replace Your Vehicle. (b) The maximum amount We will pay is the market value of Your Vehicle at the time of the loss or the sum insured in the Policy whichever is the lower figure. (c) If Your Vehicle shall at the time of happening of any loss or damage be insured for a sum lesser than its market value then, You shall be considered as being Your own insurer for the difference and shall bear the rateable proportion of the loss accordingly. Provided always that this shall not apply unless the market value at the time of the loss exceeds the insured value by 10% or more. (d) The market value of Your Vehicle would be determined in the event of a dispute by the Head Office of the Franchise- holder and this value would be equal to the cost of purchasing a replacement vehicle of the same make, model and age of Your Vehicle at the time of loss. (e) In the event no Franchise-holder is available for the make of Your Vehicle, the market value of the vehicle would be determined by a Loss Adjuster registered under the Financial Services Act, 2013 and its subsequent legislation agreed to by both You and Us. (f) The valuation done by the relevant Head Office of the Franchise-holder or Loss Adjuster registered under the Financial Services Act, 2013 and its subsequent legislation, will be conclusive evidence in respect of the market value of Your Vehicle in any legal proceedings against Us. (g) The maximum amount We will pay for the cost of repairs to Your Vehicle shall be the expenses necessarily incurred to restore the damaged Vehicle to its pre-accident condition (or as near its pre-accident condition as is reasonably possible). If new franchise parts are used, You will have to bear the betterment portion of the franchise parts replaced in accordance with the following scale: Age of Vehicles/Years Rate of Betterment (Not to exceed following %) less than 5 0 8 30
