Sum Insured definition

Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

Sum Insured means the maximum amount of coverage, as specified in the Policy Schedule, that the Insured/Insured Person is entitled to in respect of each benefit and as applicable under the Policy.

Sum Insured means the pre-defined limit specified in the Policy Schedule. Sum Insured represents the maximum, total and cumulative liability for any and all claims made under the Policy, in respect of that Insured Person (on Individual basis) or all Insured Persons (on Floater basis) during the Policy Period.

Examples of Sum Insured in a sentence

• What is not covered Optional Benefit No. 4 – Extension to cover alterations, repairs and additions (but not appreciation in value in excess of the Sum Insured) What is covered This insurance is extended to cover alterations, repairs and additions (but not in appreciation in value in excess of the Sum Insured) to Buildings for an amount not exceeding 25% of the Total Sum Insured on Buildings.

• The total limit of liability shall not exceed ten (10) percent of the Total Sum Insured on Buildings and/or Contents.

• If the market value of the property insured at the time of any loss is collectively of higher value than the Sum Insured stated in the Schedule, then You will be responsible for the difference and bear a proportional share of the loss.

• This Policy insures You up to the amount of the Sum Insured as stated in the Schedule for loss or damage to Your Buildings and/or Your Contents If the condition is not complied with, this contract shall be automatically cancelled and We shall be entitled to the prorated Premium for the period We provide the cover.

• What is covered The limit of liability under the Additional Benefit (E) Rent Insurance is increased to the per cent (as stipulated in the Policy Schedule) of the Total Sum Insured on Buildings and/or Contents.

More Definitions of Sum Insured

Sum Insured means the maximum amount of coverage, as specified in Part I of the Schedule to this Policy, that the Insured is entitled to in respect of each benefit and as applicable under this Policy.

Sum Insured means the amount stated in the Schedule, which is (save as expressly stated to the contrary) the maximum amount (regardless of the number of amount of claims made or the number of the Insureds who make a claim) for any one claim and in the aggregate for all claims for which the Company will make payment in relation to the Cover to which the Sum Insured relates during the Policy Period.

Sum Insured means the specified amount mentioned in the Schedule to this Policy which represents the Insurer’s maximum liability for any or all claims under this policy during the currency of the Policy subject to terms and conditions as stated in the Policy.

Sum Insured means the amount specified in the Schedule which is Our maximum, total and cumulative liability under this Policy for any and all claims arising under this Policy in a Policy Year in respect of the Insured Person(s).

Sum Insured means the amount of sum insured stated in the Schedule.

Sum Insured means the amount You have insured on either Your building, Your contents (including specified contents) as shown on the Schedule. This shall include the Additional Benefits and any of the Optional Benefits selected by You.

Sum Insured means the amount stated in the Table of Benefits in the Schedule as the Total Sum Insured, or limited to the specific insurance details in any Section of this Policy.The amounts shown in the Item 9 of the Schedule are the Total Sums Insured for each Insured Person for the particular benefit shown, subject at all times to the terms and conditions of the Policy, including but not limited to the exclusions and any additional limitations noted in the wording of each Section.The Total Sum Insured is a sublimit of liability. It is part of, and not in addition to the Family Accumulation Limit stated in Item 3 (b) of the Schedule, if any. If further reduces, and does not increase, the Family Accumulation Limit stated in Item 3 (b) of the Schedule.