NEWLY ACQUIRED EQUIPMENT Sample Clauses

NEWLY ACQUIRED EQUIPMENT. This Form also insures additional items of a similar kind to that scheduled in the “Declarations Page” acquired by the Insured during the policy period, subject to notice to the Insurer within ninety (90) days from the date of acquisition and payment of a pro rate additional premium from such date. It is agreed that the Insurer shall cease to insure such items at the end of the said ninety (90) days if they are not reported within that time. This extension of insurance shall be limited to the Newly Acquired Equipment limit shown in the “Declarations Page” or, if no such limit be shown, to a maximum recovery of fifty thousand dollars ($50,000) subject to the deductible shown for that particular type of equipment on the “Declaration Page”, with respect to any one loss or series of losses arising out of the same event.

NEWLY ACQUIRED EQUIPMENT. Project Equipment newly acquired with SNPLMA funds is intended to be used solely for the project for which it was acquired throughout the duration of the project. Agencies are expected to follow all agency policies and procedures for acquisition of equipment (e.g., vehicles, IT equipment, etc.). Leasing equipment is preferred over purchase of equipment. Leased equipment must be leased solely for use by the approved project and only for the time period the equipment will actually be needed for the project or the minimum time period allowed by the vendor selected by the contracting officer. If purchasing equipment is less expensive than leasing the equipment for the time period needed for the project, thus resulting in a cost savings over leasing, then the purchase price of the equipment will be fully reimbursable even if the equipment will be used elsewhere after it’s no longer needed for the approved project. In this instance, no reimbursement to the SNPLMA account will be required regardless of the value of the equipment upon completion of the project (see below) due to the overall cost savings compared to leasing.

NEWLY ACQUIRED EQUIPMENT. If “you” acquire any additional “watercraft”, “outboard motors” or “miscellaneous equipment” while this coverage is in effect, “we” will automatically insure it provided “you” tell us within 14 days of acquisition. Under this condition “we” will not pay more than 25% of the total limit of insurance provided by this coverage. It is specifically understood and agreed, however, that this coverage will cease to cover such items if they are not reported to us within the said 14-day period. Any loss or damage will not reduce the amounts of insurance provided by this coverage. If, following payment of a claim, “you” acquire any articles to replace those which were lost or damaged, “you” must tell us within 14 days of acquisition. BASIS OF CLAIM PAYMENT Actual Cash Value Unless stated otherwise, “we” will pay the Actual Cash Value of insured loss or damage up to “your” financial interest in the property but not exceeding the applicable amount(s) of insurance for any loss or damage arising out of one occurrence. The Actual Cash Value will take into account such things as the cost of replacement less any depreciation, and in determining depreciation “we” will consider the condition immediately before the damage, the resale value and the normal life expectancy. Replacement Cost If the “Declaration Page” indicates a Replacement Cost basis of claim payment for an item insured by this Coverage “we” will agree to make settlement on the basis of the cost of repairs or replacement cost (whichever is the lesser) of the insured item without deduction for depreciation subject to the policy conditions and exclusions and the following provisions: