Common use of Valuation - Settlement Clause in Contracts

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.