Conditions for 9.1 In the event of any loss or damage the basis of loss settlement under this section Sample Clauses

Conditions for 9.1 In the event of any loss or damage the basis of loss settlement under this section loss settlement shall be as follows:9.1.1 for stock, goods in process, finished goods, raw materials and supplies the costs required to replace the damaged material at the same premises by material of a similar kind and quality to that immediately before the loss;9.1.2 for plans, drawings, records, data and programs for electronic and electromechanical data-processing equipment the cost of reproducing the same from duplicates or from originals;9.1.3 for mechanical, electrical and electronic equipment older than 5 years to be calculated from the date of manufacture and for mobile equipment of any age;9.1.3.1 for damage which can be repaired the costs necessarily incurred to restore the damaged item to its former state of serviceability plus the cost of dismantling andre-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 that such expenses have been included in the sum insured. If the repairs are carried out at a workshop owned by the insured, the insurer shall 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.9.1.3.2 If the cost of repair equals or exceeds the actual value of the damaged property immediatelybefore the occurrence of loss or damage, that property shall be regarded as a total loss.9.1.3.3 In the event of a total loss the insurer shall pay the actual value of the property insured immediately before the occurrence, including charges for ordinary freight, cost of erection and customs duties, if any, provided such expenses have been included inthe sum insured.9.1.3.4 The insurer shall also pay any reasonable costs to dismantle damaged equipment.9.1.4 for all other property the new replacement value or the cost of restoring the property to a condition equal to but not better or more extensive than its condition when new, whichever is the lower.9.2 If, in the event of loss or damage, it is found that the sum insured is less than the amount required to be insured, then the amount recoverable by the insured under this section shall be reduced in such proportion as the sum insured bears to the amount required to be insured.9.3 The costs of any alterations, additions, improvements or overhauls shall not be recoverable under this policy of insurance.9.4 The cost of any provisional repairs shall ...