Common use of Sum Insured Clause in Contracts

Sum Insured. The insurance policy shall (i) be on a completed value form, with no periodic reporting requirements, (ii) insure one hundred percent (100%) of the Facility’s insurable values, (iii) value losses at replacement cost, without deduction for physical depreciation or obsolesce including custom duties, Taxes and fees and (iv) insure loss or damage from earth movement without a sub-limit, (v) insure property loss or damage from flood and named windstorm with a sub-limit not less than $500,000,000, and (vi) insure loss or damage from strikes, riots and civil commotion with a sub-limit not less than $100,000,000.