Sums Insured. Average and Co-Insurance Some insurance contracts require you to bear a proportion of each loss or claim if the sum insured is inadequate to cover the amount of the loss. These provisions are called ‘average’ or ‘co-insurance’ clauses. If you do not want to bear a proportion of any loss, when you arrange or renew your contract of insurance, you must ensure that the amount for which you insure is adequate to cover the full potential of any loss. If you insure on a new for old basis, the sum insured must be sufficient to cover the new replacement cost of the property.
Sums Insured. The Insured Sums for each of the guarantees covered by this policy are expressly indicated in the Particular Conditions.
Sums Insured. In respect of (a) not less than the amount equivalent to the anticipated revenue during the Indemnity Period and in relation to (b) not less than £1,000,000. Indemnity Period The Indemnity Period Limit shall not be less than 12 months. Territorial Limits As for the Property All Risks Insurance. Commencement Date As per Material Damage (Property) Insurance.
Sums Insured. You will be responsible for ensuring that all sums insured and indemnity limits are adequate for the cover requested. We will advise You of the basis of calculation for sums insured and will, on request, give You details of external experts, such as surveyors and valuers, which You may wish to consult. Please note Your policy may include an Average Condition which means that in the event of under-insurance, Insurers may reduce the amount of any claim settlement in the same proportion as the sum insured bears to the total value of the insured items.
Sums Insured
