Covered Property definition
Examples of Covered Property in a sentence
Actual Cash Value: the amount it would cost to repair or replace Covered Property, on the date of loss, with material of like kind and quality, with proper deduction for obsolescence and physical depreciation.
The term “supplier or customer” does not include any company supplying to or receiving from the Covered Property, as described elsewhere in this Agreement, electricity, fuel, gas, water, steam, refrigeration, sewage or telecommunications.
This Agreement covers the Actual Loss Sustained and Extra Expense incurred by the Named Member due to the necessary interruption of the Named Member's business due to prevention of ingress to or egress from a Covered Property, provided that such prevention is a direct result of physical damage of the type covered by this Agreement, to the kind of property not excluded by this Agreement, and which is located within five (5) statute miles of the Covered Property incurring loss.
The Named Member has provided ▇▇▇▇ 100% replacement cost values, unless otherwise noted and/or required, of Covered Property at inception.
In the case of actual or imminent loss or damage of the type covered by this Agreement, or a Mandatory Evacuation Order, this policy will pay the expenses incurred by the Named Member for the emergency evacuation of patients, inmates, and juvenile detainees from Covered Property.