Common use of Actual Cash Value Clause in Contracts

Actual Cash Value. The Actual Cash Value is what the property is worth and takes into account such things as the cost of replacement less any depreciation and obsolescence, in determining depreciation, we will consider the condition of the property immediately before the damage occurred, the resale value and normal life expectancy. Newly Acquired Articles If you acquire any additional articles of the type for which a limit of insurance is shown, we will automatically unsure these under this form, provided you notify us within 30 days. We will not pay more than $5,000 under this extension. Territorial Limits You are covered within the territorial limits of Canada and the Continental United States up to the limits of insurance shown on the Declarations Page. Other Insurance We shall not be liable for loss or damage if, at the time of loss, there is any other insurance which would attach if this insurance had not been effected, except that this insurance shall apply only as excess and in no event as contributing insurance and then only after all other insurance has been exhausted.

Actual Cash Value. The Actual Cash Value is what the property is worth and takes into account such things as the cost of replacement less any depreciation and obsolescence, in determining depreciation, we will consider the condition of the property immediately before the damage occurred, the resale value and normal life expectancy. Newly Acquired Articles If you acquire any additional articles of the type for which a limit of insurance is shown, we will automatically unsure these thes e under this form, provided you notify us within 30 days. We will not pay more than $5,000 under this extension. Territorial Limits You are covered within the territorial limits of Canada and the Continental United States up to the limits of insurance shown on the Declarations Page. Other Insurance We shall not be liable for loss or damage if, at the time of loss, there is any other insurance which would attach if this insurance had not been effected, except that this insurance shall apply only as excess and in no event as contributing insurance and then only after all other insurance ins urance has been exhausted.