Valuation - Settlement Sample Clauses
The Valuation - Settlement clause defines how the value of assets or obligations will be determined for the purpose of settling a transaction or dispute. Typically, this clause outlines the specific methods, timing, and sources to be used in calculating the value, such as referencing market prices on a particular date or using an independent appraiser. By establishing a clear process for valuation, the clause ensures both parties have a mutually agreed-upon basis for settlement, thereby reducing the risk of disputes and facilitating efficient resolution.
Valuation - Settlement. Subject to the applicable limit of liability set forth in the Information Pages, we will pay for:
a. Loss of money up to and including its face value.
b. Loss of securities up to and including their value at close of business on the day of loss discovery. We may, at our option:
1.) Pay the value of such securities or replace them in kind, in which event you must assign to us all your rights, title and interest in and to those securities;
2.) Pay the cost of any lost securities bond required for issuing duplicates. However, we will be liable only up to the lesser of the:
i. Securities' value at close of business on the day of discovery; or
ii. Limit of liability for this coverage.
c. Loss of, or loss from damage to, property other than money and securities or loss from damage to the covered location for not more than the least of the:
1.) Actual cash value of the property on the day of loss discovery;
2.) Cost of repairing the property or covered location; or
3.) Cost of replacing the property with property of like kind and quality.
Valuation - Settlement a. Subject to the applicable Limit of Coverage provision DOAS will pay for:
(1) Loss of "money" but only up to and including its face value. DOAS may, at its option, pay for loss of "money" issued by any country other than the United States of America:
(a) at face value in the "money" issued by that country; or
(b) in the United States of America dollar equivalent determined by the rate of exchange on the day the loss was discovered.
(2) Loss of "securities" but only up to and including their value at the close of business on the day the loss was discovered. DOAS may, at its option:
(a) pay the value of such "securities" or replace them in kind, in which event you must assign to DOAS all your rights, title and interest in and to those "securities"; or
(b) pay the cost of any Lost Securities Bond required in connection with issuing duplicates of the "securities". However, DOAS will be liable only for the payment of so much of the cost of the bond as would be charged for a bond having a penalty not exceeding the lesser of the:
(i) Value of the "securities" at the close of business on the day the loss was discovered; or
(ii) Limit of Coverage.
(3) Loss of, or loss from damage to, "property other than money and securities" or loss from damage to the "premises" for not more than the:
(a) Actual cash value of the property on the day the loss was discovered;
(b) Cost of repairing the property or "premises"; or
(c) Cost of replacing the property with property of like kind and quality.
b. DOAS may, at its option, pay for loss of, or loss from damage to, property other than "money":
(1) In the "money" of the country in which the loss occurred; or
(2) In the United States of America dollar equivalent of the "money" of the country in which the loss occurred determined by the rate of exchange on the day the loss was discovered.
c. Any property that DOAS pays for or replaces becomes DOAS property.
Valuation - Settlement. Subject to the CyberRisk Policy Aggregate Limit, and the applicable limit of insurance for each Single First Party Insured Event set forth in ITEM 5 of the Declarations, the Company will pay the Insured Organization for:
1. loss of Money, or loss payable in Money, in, at the option of the Insured Organization, the Money of the country in which the Single First Party Insured Event took place or in the United States of America dollar equivalent thereof determined at the rate of exchange published by the Wall Street Journal at the time of payment of such loss.
2. loss of Securities, but only up to and including their value at the close of business on the day the Single First Party Insured Event was Discovered, and at the Company’s option:
a. pay the Insured Organization the value of such Securities or replace them in kind, in which event the Insured Organization must assign to the Company all the Insured Organization’s rights, title and interest in those Securities; or b. pay the cost of any Lost Securities Bond required in connection with issuing duplicates of the Securities; provided, the Company will be liable only for the cost of the Lost Securities ▇▇▇▇ as would be charged for a bond having a penalty not exceeding the lesser of the value of the Securities at the close of business on the day the Single First Party Insured Event was Discovered.
3. loss of, or loss from damage to, Other Property or premises including its exterior for the replacement cost without deduction for depreciation; provided, the Company will pay the Insured Organization the lesser of the following:
a. the applicable limit of insurance for each Single First Party Insured Event set forth in ITEM 5 of the Declarations;
b. the cost to replace Other Property or premises including its exterior with property of comparable material and quality, and used for the same purpose; or
c. the amount the Insured Organization actually spends that is necessary to repair or replace such property,
Valuation - Settlement. Subject to the CyberRisk Policy Aggregate Limit, and the applicable limit of insurance for each Single First Party Insured Event set forth in ITEM 5 of the Declarations, the Insurer will pay the Insured Organization for:
1. loss of Money, or loss payable in Money, in, at the option of the Insured Organization, the Money of the country in which the Single First Party Insured Event took place or in the Canadian dollar equivalent thereof determined at the rate of exchange set by the Royal Bank of Canada on the date the payment of Loss is due.
2. loss of Securities but only up to and including their value at the close of business on the day the Single First Party Insured Event was Discovered, and at the Insurer’s option:
a. pay the Insured Organization the value of such Securities or replace them in kind, in which event the Insured Organization must assign to the Insurer all the Insured Organization’s rights, title and interest in those Securities; or
b. pay the cost of any Lost Securities Bond required in connection with issuing duplicates of the Securities; provided, the Insurer will be liable only for the cost of the Lost Securities Bond as would be charged for a bond having a penalty not exceeding the lesser of the value of the Securities at the close of business on the day the Single First Party Insured Event was Discovered.
Valuation - Settlement. (i) Subject to the applicable Limit of Liability provision the Insurer will pay for:
Valuation - Settlement. (i) Subject to the applicable Limit of Liability provision the Insurer will pay for:
1. Loss of Money but only up to and including its face value. The Insurer may, at its option, pay for loss of Money issued by any country other than the United States of America:
A. At face value in the Money issued by that country; or
B. In the United States of America dollar equivalent determined by the rate of exchange on the day the loss was discovered.
2. Loss of Securities but only up to and including their value at the close of business on the day the loss was discovered. The Insurer may, at its option:
A. Pay the value of such Securities, or replace them in kind, in which event the Insured must assign to the Insurer all the Insured’s rights, title and interest in and to those Securities; or
B. Pay the cost of any Lost Securities Bond required in connection with issuing duplicates of the Securities. However, the Insurer will be liable only for the payment of so much of the cost of the bond as would be charged for a bond having a penalty not exceeding the lesser of the:
(a) Value of the Securities at the close of business on the day the loss was discovered; or
Valuation - Settlement. 1. Subject to the applicable Limit of Liability the Insurer will pay for Loss sustained by the Insured Entity:
a. due to loss of or damage to Money but only up to and including its face value. The Insurer may, at the Insurer’s option, pay for loss of Money issued by any country other than the United States of America i. at face value in the Money issued by that country; or