UNDER-INSURANCE. The sum covered must represent the full true total value of the property stored at all times If you fail to declare the full replacement value of your property on the Licence Agreement, in the event of a claim we will only be entitled to recover on your behalf from our Insurers the proportion of the loss as the declared value bears to the total replacement value of your property.
UNDER-INSURANCE. The Insured’s insurance policy contains a provision making it ‘subject to average’. This provision will have effect only if the Insured Property is underinsured at the time of Loss. If the Insured Property is underinsured at the time of Loss, the following rules apply:
UNDER-INSURANCE. It is a condition of the insurance that the sum insured represents the full true total value of the property stored at all times. If you fail to declare the full replacement value of your property on the Licence Agreement, in the event of a claim we will only be entitled to recover on your behalf from our Insurers the proportion of the loss as the declared value bears to the total replacement value of your property.
UNDER-INSURANCE. If the property or interest hereby insured shall, at the time of loss or damage be collectively of greater value than the Sum Insured thereon then the Insured shall be considered as being his own insurer for the difference and shall bear a rateable proportion of the loss accordingly. Every item, if more than one, of the Policy shall be separately subject to this condition.
UNDER-INSURANCE. It is a condition of the insurance that the sum insured represents the full true total value of the property stored at all times. If you fail to declare the full replacement value of your property on the Licence Agreement, in the event of a claim we will only be entitled to recover on your behalf from our Insurers the proportion of the loss as the declared value bears to the total replacement value of your property. BASIS OF CLAIMS SETTLEMENT The settlement of any claim shall be by replacement, repair and/or compensation at Insurer’s option. In the event of the total loss or destruction of any item insured under this Insurance, the basis of settlement shall be the cost of replacing the item as new provided that the item is substantially the same as but not better than the original when new. Household linen and clothing Where any claim includes loss of or damage to any item(s) of household linen and clothing, Insurers will take into consideration the age, quality, degree of use and consequent market value of any such lost or damaged item(s).
UNDER-INSURANCE. If in the event of loss or damage it is found that the corresponding Sum Insured is less than the amount required to be insured, then the amount recoverable under this Policy shall be reduced in such proportion as the Sum Insured bears to the amount required to be insured.
UNDER-INSURANCE. If in the event of loss or damage it is found that the Sum Insured by this item is less than the sum produced by applying the Rate of Gross Profit to the Annual Turnover (or to a proportionately increased or decreased multiple thereof where the Maximum Indemnity Period differs from twelve months), the amount payable shall be proportionately reduced.
UNDER-INSURANCE. It refers to an Insurance Contract where the stock insured will be less than the actual value of stock.
UNDER-INSURANCE. If the sum insured is less than the actual value of your property at the time of loss, then you will only be entitled to be paid that proportion of the loss which the sum insured bears to the value of the property removed and/or stored. Pairs and Sets It is the intention to pay the actual value of individual items. It is not the intention to pay for items which are not affected. If, therefore, a claim is made for an item which is part of a pair or set, then Insurers will only pay the actual value of that item in isolation. The payment will be made without reference to any particular value the item might have acquired simply because it is part of a pair or set.
UNDER-INSURANCE. If the sum insured is less than the value of the property, the property is underinsured. In case of underinsurance, Seesam shall indemnify only that portion of loss, which corresponds to the ratio of the amount in sured and the actual value of the property. Underinsurance is assessed by comparing the amount insured with the restoration value of the object of insurance upon calcula tion of the indemnity according to the resto ration value, and with the current value upon calculation of the indemnity according to the current value.
