Property Damage coverage Clause Samples
The Property Damage Coverage clause defines the insurance protection provided for physical damage to property owned, leased, or used by the insured party. This coverage typically applies to incidents such as fire, theft, vandalism, or natural disasters, and may specify limits, exclusions, and procedures for filing claims. Its core function is to ensure that the insured party is financially protected against losses or repairs resulting from covered property damage, thereby mitigating the risk of significant out-of-pocket expenses.
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Property Damage coverage. If a general aggregate is used, the general aggregate limit shall apply either separately to the project or the general aggregate limit shall be twice the occurrence amount.
Property Damage coverage. PERILS INSURED AGAINST: We will pay for Property Damage to the Insured Vessel caused by an Occurrence as well as Protection Against Loss and Salvage charges, except as excluded in this policy or by endorsement.
Property Damage coverage. Compensation for repairing the damage to the motor vehicle following an accident for which we're responsible or not if the damage is partial. The compensation equivalent to the cost of the repairs. - Compensation in case of total loss. The compensation will be calculated based on the insured value of the car on the day of the total loss of the motor vehicle.
Property Damage coverage. Subject to the limits of liability, if you paid the premium for Uninsured Motorist Property Damage Coverage, we will pay compensatory damages that an insured person is legally entitled to recover from the owner or operator of an uninsured motor vehicle for property damage caused by an accident that arises out of the ownership, maintenance or use of the uninsured motor vehicle. Any claim submitted to us for benefits under this Uninsured Motorist Property Damage Coverage must include: