Common use of Declaration of Value Clause in Contracts

Declaration of Value. (a) Where a declared value set out in an owner’s certificate is less than 90 per cent of the actual cash value of the vehicle together with its equipment, the insured is a co-insurer with the Corporation for any loss or damage to the vehicle and its equipment, and the amount of the co-insured portion of the loss or damage for which indemnity is afforded by the Corporation shall be determined by the following formula: where