Property cover Clause Samples
The 'Property cover' clause defines the scope and terms under which property is insured under an agreement. It typically outlines what types of property are included, such as buildings, equipment, or inventory, and specifies the events or risks—like fire, theft, or natural disasters—that are covered. This clause ensures that both parties understand which assets are protected and under what circumstances, thereby providing financial security and clarity in the event of property loss or damage.
Property cover. 5.1.1 We will indemnify you in accordance with the Basis of Settlement clause for accidental damage to the property insured provided that:
a) damage occurs during the period of insurance and arises from an insured peril;
b) the property insured is located at the premises within the territorial limits;
c) our liability under this section will not exceed the sum(s) insured or any applicable
d) unless expressly stated to the contrary cover granted by extension clauses to this section - Property do not increase the sums insured. Any sub-limits stated form part of and are not additional to the sums insured.
5.1.2 Architects', surveyors', consulting engineers' and other fees
5.1.3 Arson, theft and criminal acts reward costs
Property cover. We will indemnify you in accordance with the Basis of Settlement clause for accidental damage to the property insured provided that:
a) damage occurs during the period of insurance and arises from an insured peril;
b) the property insured is located at the premises within the United Kingdom;
Property cover. The Corporation will, and will cause each of the Subsidiaries to, insure at its own expense the assets of the Corporation or such Subsidiary at all times during the term hereof to an amount equal to the replacement value thereof with a company or companies that are nationally known or are approved by Lender, against loss or damage by fire, lightening, explosion, windstorm, aircraft or vehicles or other insurable hazards which are now or may hereafter from time to time be insured against by the terms of a standard fire extended coverage insurance or additional perils supplemental contract of insurance including, if applicable, boiler and pressure vessel insurance against loss or damage to property of a class or kind similar to the property and assets of the Corporation. The Corporation shall, and will cause each of the Subsidiaries to, also maintain such other insurance policies as Lender shall reasonably require in connection with the Corporation and the Subsidiaries and their business including, without restriction, business interruption insurance and liability insurance.