COVERAGE FOR REPLACEMENT Clause Samples
The "Coverage for Replacement" clause defines the circumstances under which an insurance policy or agreement will provide compensation or reimbursement for the replacement of damaged, lost, or obsolete items. Typically, this clause outlines the types of property or equipment covered, the process for determining replacement value, and any limitations or exclusions that may apply. For example, it may specify whether the replacement will be for new items of similar kind and quality or if depreciation will be considered. The core function of this clause is to ensure that the insured party can restore or replace essential assets after a covered loss, thereby minimizing disruption and financial hardship.
COVERAGE FOR REPLACEMENT. We have the sole right to determine whether a Covered Product will be repaired or replaced. If we determine that a Covered Product is not repairable due to unavailability of functional parts or technical information we will replace the Covered Product with a comparable product. We will determine and authorize the replacement amount but you will select your replacement product from a Sears Retail Store or items “sold by” Sears on ▇▇▇▇▇.▇▇▇. In some cases replacement will be arranged through the manufacturer. You will have up to ninety (90) days from the date of authorization to complete the replacement process. The original Covered Product must be returned in order to receive your replacement product. Any coverage remaining under the term of this Agreement will be transferred to the new replacement product. Replacement products may be new or refurbished to meet the manufacturer’s specifications of the original product. If you choose not to have your Covered Product replaced under this Agreement, then you may cancel this Agreement and we will refund the total price you paid for your current coverage. We will not be responsible for reconfiguring space to accommodate a replacement product when a product of identical dimensions is not available.
COVERAGE FOR REPLACEMENT. Under Section 3, the replacement value is limited to up to $1,500. Exception: For Lawn & Garden products: When the RPA is purchased at the same time as the Covered P roduct (“Point of Sale”) there is no limit on the value of the comparable product replacement. For RPA purchases made on Lawn & Garden anytime other than at the Point of Sale including at renewal time, the limit on comparable product replacement will be up to $1,500. FOOD LOSS. Reimbursement for food loss as stated in Section 7 is limited to $200 per repair incident. LIMITATIONS OF COVERAGE. THIS RPA DOES NOT COVER: Normal maintenance, such as periodic tune-ups and oil changes. Nonfunctional repairs or parts. Cosmetic defects. Bent crankshafts, changing or assembling attachments for tractors or riding mowers. Refer to Sections 5 & 6 for 25% discount on non-covered repairs and parts. ALABAMA CUSTOMERS. A 10% penalty per month will be added to any refund that we fail to make within forty-five (45) days of your cancellation of this Agreement and request for a refund.
COVERAGE FOR REPLACEMENT. We have the sole right to determine whether a Covered Product will be repaired or replaced. If we determine that a Covered Product is not repairable due to unavailability of functional parts or technical information we will replace the Covered Product with a comparable product. We will determine and authorize the replacement amount but you will select your replacement product from a store as designated by us. In some cases replacement will be arranged through the manufacturer. You will have up to ninety (90) days from the date of authorization to complete the replacement process. The original Covered Product must be returned in order to receive your replacement product. Any coverage remaining under the term of this Agreement will be transferred to the new replacement product. Replacement products may be new or refurbished to meet the manufacturer’s specifications of the original product. If you choose not to have your Covered Product replaced under this Agreement, then you may cancel this Agreement and we will refund the purchase price you paid for your current coverage. We will not be responsible for reconfiguring space to accommodate a replacement product when a product of identical dimensions is not available. TECHNOLOGICAL ADVANCES AND REPLACEMENT PRODUCT AVAILABILITY MAY RESULT IN A REPLACEMENT PRODUCT WITH A LOWER SELLING PRICE THAN THE ORIGINAL PRODUCT (THE NON-REPAIRABLE COVERED PRODUCT). IN ALL CASES, PRODUCT COMPARABILITY FOR A REPLACMENT PRODUCT WILL BE DETERMINED BY US AT OUR SOLE DISCRETION. POWER SURGE. Power surge damage is covered.
COVERAGE FOR REPLACEMENT. If your Covered Product experiences a breakdown, at our option we will issue a check, equal to the original purchase price of the Covered Product as indicated on your sales receipt, including a sales tax allowance or we will provide you with a Comparable Product replacement as determined by us. At our expense, we may require you to ship to us the original Covered Product or a related component prior to receiving a replacement product or check. We will provide you with shipping labels and instructions on where to send the return. Technological advances may result in a replacement product with a lower selling price than the original product.
COVERAGE FOR REPLACEMENT. WISCONSIN CUSTOMERS. The original Covered Product must be returned in order to receive your replacement product. The right to return this Agreement within twenty (20) days applies to the original purchaser of this Agreement. If You cancel after the first thirty (30) days after receipt you will receive a prorated refund of the purchase price less the actual cost of any service provided. · If your sales receipt, Agreement certificate or this Agreement indicates Shop Service, you must bring the Covered Product to a Sears Repair location and pick it up following completion of service. WASHINGTON CUSTOMERS. The following is added to your Agreement: NOTICE : If you have complaints or questions regarding this Agreement, you may contact the Texas Department of Licensing and Regulation, P.O. Box 12157, Austin, TX 78711, ▇-▇▇▇-▇▇▇-▇▇▇▇ or ▇-▇▇▇-▇▇▇-▇▇▇▇ (within Texas only). At your request, we will directly pay Sears Repair to perform one (1) preventive maintenance check-up within any contract year that the Covered Product is covered under this Agreement. Please refer to the state specific section at the end of this contract as the laws of your state may provide you with additional rights. In some cases, you will be provided packaging and you must ship the Covered Product to our service location, at our expense, for repair. The following is added to 8. To learn more about this process, you may contact them at ▇-▇▇▇-▇▇▇-▇▇▇▇, or you may write to Department of Consumer Affairs, 4244 S. Any refund will be made in the same form as the original payment of this Agreement. The following is added to your Agreement: If any promise made in the Agreement has been denied or has not been honored within 60 days after Your request, You may contact the Virginia Department of Agriculture and Consumer Services, Office of Charitable and Regulatory Programs at ▇▇▇.▇▇▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇-▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇.▇▇▇▇▇ to file a complaint. If your Agreement covers more than one Covered Product, then coverage applies only to Covered Products which are located at the address on the Agreement certificate or sales receipt. Section 17. TRANSFERABILITY .
COVERAGE FOR REPLACEMENT. Under the Coverage for Replacement section above, the replacement value is limited to up to $1,500. Exception: For Lawn & Garden products when the RPA is purchased at the same time as the Covered Product ("Point of Sale") there is no limit on the value of the comparable product replacement. For RPA purchases made on Lawn & Garden anytime other than at the Point of Sale including at renewal time, the limit on comparable product replacement will be $1,500. LIMITATIONS OF COVERAGE. THIS RPA DOES NOT COVER. • Normal maintenance, such as periodic tune-ups and oil changes. • Nonfunctional repairs or parts. • Cosmetic defects. • Bent crankshafts, changing or assembling attachments for tractors or riding mowers.