Examples of Material Damage in a sentence
Tenant’s Builder’s Risk Insurance - Completed Value Builders’ Risk Material Damage Insurance policy covering the work to be performed for Tenant in the Premises as it relates to the building within which the Premises is located.
Notwithstanding Special Exclusion (i) under Section 1 of this Policy the Company hereby agrees to indemnify the Insured upto but not exceeding the limits of Indemnity stated in the Schedule for all additional costs which the Insured shall incur to ensure continued data processing on substitute equipment if such costs arise as an unavoidable consequence of an indemnifiable loss or damage during the period of insurance to property insured under the Material Damage Section of this Policy.
In addition, coverage for any defect in materials and labour supplied for the exterior cladding, caulking, windows and doors that may lead to detachment or material damage to the New Home.5-year – This warranty provides coverage for the building envelope for up to five years against unintended water penetration such that it causes, or is likely to cause, Material Damage to the New Home.10-year – This is for structural defects1.
In respect of several insurances within the same compound / location with all the Indian insurers, the maximum aggregate loss (Material Damage and Loss of Profit combined) payable per compound /location shall be Rs.500 crores.
The insurance under this item is to cover such reasonable professional fees as may be payable by You, and such other reasonable expenses necessarily incurred by You and not otherwise recoverable, for preparation of claims under the Your Material Damage and Consequential Loss insurance policies and We shall indemnify You for such reasonable fees and expenses.