Examples of Basis of Settlement in a sentence
If such goods are obsolete, the Basis of Settlement whether or not such goods are replaced shall be the original cost to the Insured of such goods or the indemnity value, whichever is the lesser.
If such property is obsolete, the Basis of Settlement whether or not such property is replaced shall be the original cost to the Insured of such property or the indemnity value, whichever is the lesser.
However, if the loss is settled under the Alternative Basis of Settlement the Declared Value of the relevant item shall be 115% of the base value shown and the Insurable Amount shall be the total of the value at the time of the Damage of the Property insured by the item and the additional Costs B, C and D above.
Where the Alternative Basis of Settlement applies We will pay the value of the Property at the time of its destruction or the amount of the Damage including the cost of • complying with Public Authorities’ requirements • removing debris • professional fees as defined in Costs B, C and D above and subject to the provisions and exceptions applying to those costs.
General Property Section The cover We will pay You in accordance with the Basis of Settlement up to the Sum Insured for the cost of repairing or replacing Property Insured that is accidentally Damaged during the Period of Insurance.
Although general maritime law is federal, when “neither statutory nor judicially created maritime principles provide an answer to a specific legal question, courts may apply state law provided that the application of state law does not frustrate 5 The Complaint alleges jurisdiction under 28 U.S.C. § 1333, admiralty andmaritime jurisdiction and does not contain a jury demand.
For the purposes of the Basis of Settlement provision in these Sections, computer systems records include Electronic Data.
All other Property Insured that is Damaged For all other Property Insured that is Damaged We will pay for the Reinstatement or Replacement unless “Indemnity” is shown in the Schedule or You wish Us to pay the Indemnity cost for all or any of the Damaged Property Insured as the Basis of Settlement.
Increased Building Costs means the difference between the cost of Reinstatement actually incurred in accordance with the Basis of Settlement provisions of this Section and the cost of Reinstatement that would have applied had the catastrophe event not occurred.
Where for any reason a payment cannot be made in accordance with 9.1 and 9.2 above our liability will be arrived at as if the Basis of Settlement had not been incorporated and will be subject to the terms and conditions of the policy wording including condition of Average (see General Condition 6).