Common use of Average Clause in Contracts

Average. If the property covered is, at the commencement of any damage to such property by any peril covered against, collectively of greater value than the sum covered thereon, then the participant shall be considered as being their own company for the difference and shall bear a rateable share of the loss accordingly. Every item, if more than one, shall be separately subject to this condition. This condition shall apply to the individual units excluding the owners interest in the land and not to the property as a whole.

Average. If the total value of property covered which is not separately and individually specified is, at the commencement time of the happening of any loss or damage to such property by any peril covered againstproperty, collectively of greater value than the sum covered thereon, then the participant shall be considered as being their his own company for the difference and shall bear a rateable share of the amount of the loss accordinglyor damage. Every item, if more than one, Each item of the table of benefits covering such property shall be separately subject to this condition. This condition shall apply to the individual units excluding the owners interest in the land and not to the property as a whole.

Average. If the property covered is, at the commencement of any loss or damage to such property by any peril covered against, collectively of greater value than the sum covered thereon, then the participant shall be considered as being their own company for the difference and shall bear a rateable share of the loss accordingly. Every item, if more than one, Each item of the statement of cover covering such property shall be separately subject to this condition. This condition shall apply to the individual units excluding the owners interest in the land and not to the property as a whole.