Diminished Value Sample Clauses
The Diminished Value clause defines how compensation is determined for the reduction in a property's market value after it has been damaged and subsequently repaired. In practice, this clause typically applies to vehicles or real estate, where even after professional repairs, the asset may be worth less than it was before the damage occurred. By addressing the loss in value that persists post-repair, the clause ensures that the owner is compensated not just for the cost of repairs but also for the residual loss in value, thereby providing a more complete remedy for the financial impact of the damage.
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Diminished Value. We do not cover any loss due to diminished value of any property covered under this policy.
Diminished Value. City may determine in its sole discretion to accept Defective Work in lieu of requiring Design-Builder to correct or remove and replace the Defective Work. However, Design- Builder shall bear all direct and indirect costs of the Defective Work, and the diminished value to the Project, as determined by City evaluation. If City’s acceptance of Defective Work occurs prior to final payment, City will issue a Change Order incorporating the necessary revisions in the Contract Documents with respect to the Defective Work and affording City the appropriate decrease in the Contract Price.
Diminished Value. If the Collateral is subject to any uninsured loss, theft, damage or destruction to the Collateral which materially and substantially diminishes the value of the Collateral.
Diminished Value. The amount by which the resale value of a damaged (or damage repaired) rental car has been reduced for having a significant damage history.
Diminished Value. As used in this Agreement, “Loss of Use” means a reasonable estimate of all rental revenue we will lose because of damage to or loss of the Vehicle, and “Diminished Value” means the difference between the market value of the Vehicle immediately before and immediately after the injury to the Vehicle. You are responsible for loss due to theft of the Vehicle and any damage caused by vandalism that occurs in connection with a theft if you fail to exercise ordinary care while in possession of the Vehicle. Allowing anyone other than you to use the Vehicle is not an exercise of ordinary care, but a willful and reckless act that is a breach of this Agreement. You will report all accidents involving the Vehicle and all theft of or vandalism to the Vehicle to us and to the police as soon as possible within 12 hours of occurrence. As part of such report, you will provide a written description of the incident and the insurance information of the other parties involved. You will make a reasonable effort to secure evidence from any available witnesses to the incident.